SPRINGFIELD, Mass .– (BUSINESS WIRE) – Massachusetts Mutual Life Insurance coverage Firm (“MassMutual”) as we speak introduced the completion of the beforehand introduced acquisition of the wholly owned subsidiary of American Monetary Group, Inc. (NYSE: AFG), Nice American Life Insurance coverage Firm (“Nice American Life ”), And different subsidiaries and affiliated entities, for a purchase order worth of roughly $ three.5 billion.
“We’re excited to welcome Nice American Life to MassMutual and assist construct its excellent management place within the annuity market,” stated Roger Crandall, President and CEO of MassMutual. “This acquisition instantly expands our product providing, additional diversifies our distribution capabilities and generates further income, permitting us to assist extra folks safe their futures and shield their family members.”
The acquisition contains Nice American Life and its two insurance coverage subsidiaries, Annuity Traders Life Insurance coverage Firm and Manhattan Nationwide Life Insurance coverage Firm, in addition to a brokerage-agent affiliate, Nice American Advisors, Inc., and the insurance coverage distributor, AAG Insurance coverage Company. , Inc. With the completion of this acquisition, MassMutual is among the many prime 5 particular person annuity writers within the US.1
Nice American Life will function as an unbiased subsidiary of MassMutual led by its present president, Mark Muething, who will report back to Mike Fanning, director of MassMutual US. Its greater than 600 workers will proceed to help the enterprise and keep its headquarters in Cincinnati.
“At the moment marks a brand new starting for Nice American Life as we crew up with MassMutual to make a fair higher affect by serving the thousands and thousands of Individuals who want our assist to develop monetary safety,” stated Mark Muething, Nice American president and chief working officer. Life. “This transaction reinforces our place as a number one US annuity firm, enhances our capability to supply enticing options to our policyholders and distribution companions, and positions us for future development with an organization dedicated to our success.”
Fanning, who will oversee Nice American Life’s enterprise, added: “Our purpose is to make sure a clean transition for Nice American Life workers, prospects and companions. We sit up for working along with Nice American Life to succeed in extra shoppers in want of lifetime revenue options and to deliver continued worth to our coverage homeowners and shoppers. ”
Debevoise & Plimpton LLP served as MassMutual’s authorized advisor. Skadden, Arps, Slate, Meagher & Flom LLP and Keating Muething & Klekamp PLL served as authorized advisers to AFG.
MassMutual is a number one mutual life insurance coverage firm managed for the good thing about its members and taking part policyholders. Based in 1851, the corporate has been regularly guided by one constant objective: We assist folks safe their futures and shield their family members. With a concentrate on delivering long-term worth, MassMutual provides a variety of safety, accumulation, wealth administration and retirement services. For extra info, go to massmutual.com.
About American Monetary Group, Inc.
American Monetary Group (NYSE: AFG) is an insurance coverage firm based mostly in Cincinnati, Ohio. By way of the Nice American Insurance coverage Group operations, AFG is primarily engaged in property and casualty insurance coverage, with a concentrate on specialised enterprise merchandise for corporations. The Nice American Insurance coverage Group’s roots date again to 1872 with the founding of its flagship firm, Nice American Insurance coverage Firm.
1US Particular person Annuity Gross sales Survey, (2020), LIMRA Safe Retirement Institute®