MassMutual has built a big bet on the annuities marketplace with a $3.5 billion deal to purchase Good American Lifestyle Insurance plan Co. from its father or mother, American Economic Team.
Underneath the terms of the deal, Good American Lifetime and its 600-in addition staff will be a part of MassMutual as an independent subsidiary and will continue to be headquartered in Cincinnati immediately after the offer closes, most likely in the second quarter of 2021. The organization will proceed to be led by president Mark Muething. MassMutual employs about 6,000 men and women, generating the Springfield-based insurance company about 10 situations the size of Good American Life.
Wonderful American Daily life specializes in fixed and indexed annuities. MassMutual executives perspective the annuity market place as owning large opportunity for expansion as extra toddler boomers strategy retirement. The deal also brings Good American Life’s distribution network, particularly with banking companies, that will support MassMutual attain an even even bigger buyer foundation.
“This acquisition is an outstanding strategic fit for MassMutual that will broaden our solution offerings, develop our distribution, and create additional earnings, making it possible for us to build a real lifetime cash flow franchise and supply ongoing value to our policyowners and prospects,” stated Roger Crandall, MassMutual’s chief government, in a assertion.