Mercantile Mutual has become ING, with the name change to become absolute from March 1. But the 123-year-old Merc name will live on for a while longer in the QBE Mercantile Mutual joint venture.

MD John Wylie told Sunrise Exchange News that the general insurance industry has undergone so many changes over the past couple of years that it’s only fair the now-familiar QBE Mercantile Mutual name should continue past March 1 until at least the end of the year.

The joint venture is doing exceptionally well – particularly in driving down expenses – and Mr Wylie said “another change for brokers to deal with was the last thing we wanted”.

The name change, predicted by Sunrise Exchange News last November, will see the ING name take top billing as the company undergoes a major rebranding exercise, with marketing alone expected to cost $10 million.

It will cover the major Mercantile Mutual holding and operating companies, which will now be known as ING Australia Limited, ING Life Limited, ING Funds Management Limited and ING Investment Management Ltd.

Advice businesses operating under the ING Financial Planning division won’t change their names. They are RetireInvest, Partnership Planning, AustAdvisers, Austbrokers, Lynx, Super Concepts and Concord Underwriting.