ING Layoffs - Any Actuaries?????

[aNoNo]

ING Will Eliminate 1,600 Positions
At U.S. Units; More Layoffs Expected


Dutch banking giant ING Group NV plans to
eliminate about 1,600 jobs in its U.S. insurance
businesses and warned there could be more cuts in
Europe ahead.

ING said the job cuts, which will start next year, are
part of its plan to integrate its U.S. insurance
operations with those of Aetna Inc. and ReliaStar
Financial Corp., which it acquired last year for a
combined of $13.8 billion (15.6 billion euros). It
said the reduction in headcount would cut expenses
by up to $300 million a year, or 15% of ING
America's total annual operating budget in the U.S.

<font size=-1>[ This Message was edited by: aNoNo on 2001-12-07 08:50 ]</font>

[Anonymous]

Wow! 15%? Is this true?
I interviewed with ING a couple of months ago. Now I'm glad that didn't go anywhere.

So, do you work at ING?

[Brad Spirrison]

Speaking of Layoffs:

CNA revamp to slash 1,850 jobs
Chicago Tribune
Dec. 6, 2001
CNA Financial Corp., still tinkering with its mix of insurance lines and trying to cut costs, disclosed a reorganization plan that will eliminate about 1,850 jobs and generate a fourth-quarter charge of up to $124 million. The big Chicago company separately disclosed Wednesday that it expects fourth-quarter earnings to be trimmed by $50 million after tax because of losses CNA will suffer as a result of its exposure to Enron Corp.'s recent Chapter 11 bankruptcy. (http://www.chicagotribune.com/business/chi-0112060253dec06.story?coll=chi%2Dbusiness%2Dhed)


Anyone affected yet?

[Anonymous]

Does ING have actuaries in Chicago, too?

[Brad Spirrison]

There are no listings of any ASA or FSA's for ING or AETNA or Reliastar in Chicago. Therefore, I think that it's safe to assume that none of its operations are located there.

[Ms. Re]

I heard that several ING actuaries in their structured reinsurance area have been let go

[Montgomery Burns]

I've got several friends who were/are employed as reinsurance actuaries at Reliastar. I've been afraid to call them up to discuss their situations. Any advice??

I guess I could rely on the old stand-by of sending them an e-mail and see if it kicks back.

I'm looking for any other ideas.

[Anonymous]

Call the switchboard and ask for their extension.

[Anonymous]

MB:
Have you contacted your friends? Are they part of the 1600? I have a friend at Security Life of Denver, but like you I am reluctant to call.

[Anonymous]

Yes. The product development department in Des Moines has been eliminated. 6 actuaries have lost their jobs, along with about 7 support people. :sad:

[42]

Apparently, ING is opening an office in Fort Wayne because it is hiring a number of new employees who are leaving Lincoln Re as a result of what's going on at Swiss Re.

[Anonymous]

Hmmm...interesting.

[Anonymous]

What does Swiss Re or Lincoln Re have to do with ING?

[Anonymous]

...or Fort Wayne. NOTHING. I think 42 is blowing smoke.

[42]

To the last two anonymous users:
No, I'm not just blowing smoke. I personally know actuaries that have been hired by ING in the past 2 weeks.
ING hired these actuaries from Lincoln Re. That's what Lincoln Re has to do with ING. (Geez, did you guys not read the post you're criticizing, or what?) <:)
At a time when ING is supposed to be cutting back, they are opening an office in Fort Wayne, making them more attractive to these people from Lincoln who are already in Fort Wayne. That's what Fort Wayne has to do with ING.Does anybody have any explanation as to why they're cutting jobs at the same time that they're hiring and opening new offices? Is it based on the type of work, i.e., downsizing in some, growing in others?

[Anonymous]

42 is NOT blowing smoke. 5 Lincoln actuaries left Swiss Re after the deal closed to work out of a newly created ING office in FW.

[Dr T Non-Fan]

It sounds like a combination of keeping the ones it wants, and dumping the ones it doesn't, and trying to find better ones than the dumped.

[Anonymous]

DTNF,

That's a pretty bold statement from someone who obviously doesn't know what's going on.

Signed,
Someone who does know what's going on.

[Anonymous]

That was a pretty d*mn rude thing to say.

[Anonymous]

Instead of questioning the intelligence of the actuaries that were let go, perhaps you should question whether the motives behind the decision had anything at all to do with the people involved.

[Anonymous]

I'm relatively new here and I'm wondering where y'all get your info. Are there certain publications that contain this info? Do you read between the lines? Do you know people who are affected?
More generally, how do you find out about other companies, like what kind of work they do, if they're hiring, what's happening with their business, etc?
Thanks.