MassMutual buys Nice American Life Insurance coverage Co. for $3.5B

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SPRINGFIELD — MassMutual has a deal in place to purchase Nice American Life Insurance coverage Co. from American Monetary Group Inc. for $3.5 billion

Nice American Life will proceed to be led by its present president, Mark Muething, and its greater than 600 workers will stay headquartered in Nice American’s hometown of Cincinnati as a part of the transaction, in response to a MassMutual information launch issued Wednesday.

Nice American is a supplier of mounted and stuck listed annuities. MassMutual stated the it expects that deal will considerably enhance its presence within the retail annuity market and broaden its distribution capabilities.

The transaction is predicted to shut within the second quarter of this yr. Nice American Life will function as an impartial subsidiary of MassMutual.

“This acquisition is a wonderful strategic match for MassMutual that may broaden our product choices, broaden our distribution, and generate further earnings, permitting us to construct a real lifetime revenue franchise and ship ongoing worth to our policyowners and clients,” stated Roger Crandall, chairman, president and CEO of MassMutual, within the information launch. “With MassMutual’s enduring monetary energy, broad funding capabilities, and end-to-end digital expertise, we’ll construct on the excellent management place that the proficient and devoted Nice American Life group has constructed over generations, enabling us to assist much more individuals safe their future and shield those they love.”

S. Craig Lindner, American Monetary Group’s Co-CEO, stated, “This transaction presents a wonderful alternative for Nice American Life and MassMutual to be one of many main suppliers of conventional mounted and listed annuities in main distribution channels and markets. The truth is, MassMutual has among the many highest insurance coverage monetary energy rankings, which we consider will end in enhanced distributor recruitment and policyholder retention.”

Massachusetts Mutual Life Insurance coverage Co., owned by its taking part policyholders, was based in 1851 in Springfield.

It’s increasing its headquarters in Springfield and expects to hit 4,500 workers by the top of 2021 or early 2022. That will be up from up from 3,500 in 2020.

Nice American Insurance coverage Group’s roots return to 1872 with the founding of its flagship firm, Nice American Insurance coverage Co., in response to the information launch. The corporate sponsors the Nice American Ballpark, dwelling of the Cincinnati Reds.

Earlier this month, Empower Retirement stated it has finalized its $3.35 billion buy of MassMutual’s retirement plan enterprise.

Colorado-based Empower additionally stated it has introduced in 1,700 former MassMutual workers and plans for them to work — ultimately — on the former MassMutual places of work in Enfield, Connecticut, and Phoenix, Arizona.

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