MassMutual closes $3.5bn acquisition of Great American Life Insurance
Massachusetts Mutual Life Insurance (MassMutual) has closed its previously announced $3.5 billion acquisition of Great American Life Insurance Company and other subsidiaries and affiliated entities from American Financial Group.
The acquisition, which was announced in January 2021, is said to place MassMutual among the top five individual annuity writers in the US.
As part of the deal, the company has acquired Great American Life and its subsidiaries – Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company and also its broker-dealer affiliate – Great American Advisors and insurance distributor – AAG Insurance Agency.
Roger Crandall – Chairman, President, and CEO of MassMutual said: “We are excited to welcome Great American Life to MassMutual and to help build on its outstanding leadership position in the annuity market.
“This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities, and generates additional earnings – enabling us to help even more people secure their future and protect the ones they love.”
Great American Life will now operate as MassMutual’s independent subsidiary. It will be led by Mark Muething, its current president, who will report to Mike Fanning, who is the head of MassMutual U.S.
Its workforce of over 600 employees will continue to support the life insurance business, which will retain its headquarters in Cincinnati.
Mark Muething – President and Chief Operating Officer of Great American Life said: “Today marks a new beginning for Great American Life as we join MassMutual to make an even greater impact serving the millions of Americans who need our help in building financial security.
“This transaction strengthens our position as a leading U.S. annuity company, enhances our ability to deliver compelling solutions for our policyholders and distribution partners, and positions us for future growth with a company that’s committed to our success.”