MassMutual to accumulate Nice American Life for $three.5bn – 10NEWS
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MassMutual to accumulate Nice American Life for $three.5bn

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January 29, 2021
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MassMutual to accumulate Nice American Life for $three.5bn
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Mutual life insurer MassMutual has introduced plans to accumulate Nice American Life Insurance coverage Firm from American Monetary Group for $ three.5 billion.

handshake-closeup-photoMassMutual will purchase the annuity enterprise, in addition to different subsidiaries and affiliated entities, which primarily supply conventional fastened and listed annuity merchandise.

The transaction is anticipated to shut within the second quarter of 2021, topic to regulatory approvals and different needed approvals.

After closing, Nice American Life will function as an unbiased subsidiary of MassMutual.

Nice American Life is anticipated to enrich MassMutual’s current annuity enterprise by increasing its product and distribution capabilities.

Moreover, the acquisition will present MassMutual with one other diversified supply of earnings, serving to to place it for long-term development.

“This acquisition is a superb strategic match for MassMutual that may broaden our product providing, broaden our distribution and generate further income, permitting us to construct a real lifetime earnings franchise and ship continued worth to our coverage homeowners and shoppers.” Roger Crandall stated. President, President and CEO of MassMutual.

“With MassMutual’s enduring monetary power, intensive funding capabilities, and end-to-end digital experience, we are going to construct on the excellent management place that Nice American Life’s proficient and devoted crew has constructed over generations, enabling us to assist extra folks safe their futures and defend their family members. “

S. Craig Lindner, Co-CEO of AFG, additionally commented: “This transaction presents a superb alternative for Nice American Life and MassMutual to be one of many main suppliers of conventional fastened and listed annuities in main distribution channels and markets. The truth is, MassMutual has one of many highest insurance coverage monetary power rankings, which we imagine will end in higher seller recruitment and policyholder retention. “

Nice American Life will proceed to be led by its present president, Mark Muething, and its greater than 600 staff will proceed to be headquartered in Cincinnati as a part of the transaction.

Debevoise & Plimpton LLP served as MassMutual’s authorized advisor. Skadden, Arps, Slate, Meagher & Flom LLP and Keating Muething & Klekamp PLL acted as authorized advisers to AFG.

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