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Financial Planning > Behavioral Finance

Investor Group To Acquire ING Premium Finance Unit

By Staff Writer

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NU Online News Service, April 30, 2004, 5:03 p.m. EDT – A group of private investors has agreed to acquire a premium finance business from ING Financial Holdings Corp., New York.[@@]

The price of the deal and other deal terms were not available, but Credit Suisse First Boston, New York, says it will provide financing for the new owners, who will be changing the name of the premium finance business to Insurance Loan Corp. of America.

The new ownership team includes Jeffrey Morby, John Gussenhoven and Joseph Platt Jr.

Morby is a former chairman of Mellon Financial Corp., Pittsburgh.

Gussenhoven and Platt were executive vice presidents at Johnson & Higgins, an insurance broker acquired by Marsh & McLennan Companies Inc., New York, in 1997.

ING Financial is a unit of ING Groep N.V., Amsterdam.

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