Wealth management

West Virginia's office of the state treasurer said Tuesday that the state has added a direct 529 college savings plan to its lineup of education savings products.

Sutter Holding Co. Inc. in San Francisco said it has signed a merger agreement with Diversified Risk Insurance Brokers, a commercial property and casualty insurance broker in Emeryville, Calif.

National City Corp. is seeking to multiply its revenue from retirement products during the next five years by bolstering its sales force and educating existing and potential clients.

ING U.S. Financial Services announced Tuesday the hiring of Harry N. Stout to be president of its annuity business group, a unit of the company's retail financial services unit.

Wachovia Corp. in Charlotte announced the formation and funding of a financial guaranty reinsurance company, BluePoint Re Ltd.

Affiliated Managers Group Inc., a Boston asset management company, and AQR Capital Management announced Monday that AMG had bought an equity interest in AQR's business.

Humana Inc. in Louisville, Ky., said Monday that it has started HumanaOne HSA, a high-deductible health insurance plan coupled with a tax-deductible health savings account that lets participants set aside money that can be used tax-free to pay for qualified medical expenses.

U.S.I. Holdings Corp. in Briarcliff Manor, N.Y., announced the purchase Monday of Benefit Partners of America in Nashville.

InBank in Alexandria, Va., announced Monday that it has a turnkey solution for insurance companies seeking to sell banking products through their agent networks and online.

Wachovia Corp.’s retirement unit is meeting with 401(k) clients one-on-one and accumulating assets in its mutual fund wrap accounts.

Standard Management Corp. said Monday that it intends to sell its financial services division, Standard Life Insurance Company of Indiana, to an unnamed equity investor group experienced in the insurance industry and specializing in asset accumulation.

Northern Trust Corp. said Friday that it is quickly developing assets by offering its trust services to other banks.

Affiliated Managers Group Inc. announced on Friday that it had completed its investment in the growth equity advisory business of TimesSquare Capital Management Inc., an investment management unit of Cigna Corp.

MBIA Inc. has announced the receipt of subpoenas from the Securities and Exchange Commission and the New York Attorney General's office requesting information about nontraditional or loss mitigation insurance products developed, offered, or sold by MBIA to third parties.

The Hartford Financial Services Group Inc. has announced the purchase of $247.5 million of multiyear, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company.

North Carolina Mutual said Friday that it has acquired 10,000 policies from American Life and Health Insurance Co. of Missouri.

ING Group's announcement that it has a deal to sell its Atlanta insurance subsidiary, Life Insurance Company of Georgia, to Jackson National Life Insurance Co. furthers a strategy to focus on the wealth management business within its insurance division, according to the company.