MassMutual to Purchase Good American Daily life Insurance policies Business | Organization & Finance

SPRINGFIELD, Mass.–(Small business WIRE)–Jan 27, 2021–

Massachusetts Mutual Daily life Insurance plan Corporation (“MassMutual”) announced now it has entered into a definitive agreement with American Monetary Group, Inc. (NYSE:AFG) to invest in its wholly owned subsidiary, Wonderful American Lifestyle Coverage Organization (“Great American Life”), and other subsidiaries and affiliated entities, which principally supply classic mounted and preset indexed annuity solutions.

The acquire price tag is $3.5 billion, subject matter to adjustment at closing. The transaction is predicted to near in the second quarter of 2021, topic to regulatory and other vital approvals. On the shut of the transaction, Great American Lifetime will run as an unbiased subsidiary of MassMutual.

Terrific American Lifetime is a extremely respected leader in the annuity market, recognized for its aggressive product suite, great shopper assistance, and deep distribution relationships with banking institutions, independent brokers, and independent broker-sellers. This transaction drastically advances MassMutual’s strategy as Excellent American Everyday living enhances the company’s current annuity business by broadening and diversifying its merchandise and distribution abilities, enabling MassMutual to access more buyers in need to have of life span revenue alternatives. In addition, Great American Existence will supply MassMutual with another diversified supply of earnings, helping to deliver further worth to its policyowners and position the business for long-term progress.

“This acquisition is an outstanding strategic healthy for MassMutual that will broaden our merchandise choices, broaden our distribution, and create further earnings, allowing for us to develop a real lifetime revenue franchise and deliver ongoing value to our policyowners and consumers,” explained Roger Crandall, Chairman, President and CEO, MassMutual. “With MassMutual’s enduring financial strength, wide financial investment capabilities, and conclusion-to-conclusion digital knowledge, we will establish on the outstanding management position that the proficient and committed Excellent American Everyday living crew has developed about generations, enabling us to help even more individuals safe their future and guard the ones they adore.”

S. Craig Lindner, AFG’s Co-Chief Executive Officer, commented, “This transaction provides an excellent opportunity for Wonderful American Life and MassMutual to be just one of the leading companies of classic preset and indexed annuities in important distribution channels and markets. In fact, MassMutual has between the greatest insurance economical power rankings, which we believe will final result in improved distributor recruitment and policyholder retention.”

Great American Lifestyle will continue to be led by its existing president, Mark Muething, and its a lot more than 600 personnel will stay headquartered in Cincinnati as component of the transaction.

Debevoise & Plimpton LLP served as lawful counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP and Keating Muething & Klekamp PLL served as authorized counsel to AFG.

MassMutual is a top mutual life coverage company that is operate for the benefit of its members and collaborating policyowners. Founded in 1851, the organization has been continually guided by a person reliable objective: we aid folks safe their foreseeable future and guard the types they appreciate. With a aim on providing extensive-term price, MassMutual gives a huge range of defense, accumulation, wealth management and retirement products and expert services. For more information, take a look at

About American Economical Team, Inc.

American Monetary Team is an insurance keeping company, primarily based in Cincinnati, Ohio. By way of the operations of Good American Insurance coverage Team, AFG is engaged primarily in residence and casualty coverage, focusing on specialized business solutions for companies, and in the sale of standard fastened and indexed annuities in the retail, economical institutions, broker-seller, and registered financial investment advisor marketplaces. Terrific American Insurance policy Group’s roots go back to 1872 with the founding of its flagship company, Terrific American Insurance Company.

Get in touch with: Chelsea Haraty, MassMutual


Marketplace Key word: Professional Services Insurance policies FINANCE

Source: Massachusetts Mutual Existence Coverage Corporation

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PUB: 01/27/2021 05:00 PM/DISC: 01/27/2021 05:00 PM

Copyright Organization Wire 2021.