SPRINGFIELD, Mass .– (BUSINESS WIRE) – Massachusetts Mutual Life Insurance Company (“MassMutual”) today announced the completion of the previous ad acquisition of the wholly owned subsidiary of American Financial Group, Inc. (NYSE: AFG), Great American Life Insurance Company (“Great American Life”), and other subsidiaries and affiliates, for a purchase price of ‘approximately $ 3.5 billion.
“We are delighted to welcome Great American Life to MassMutual and to help strengthen its position as an exceptional leader in the annuities market,” said Roger Crandall, Chairman and CEO of MassMutual. “This acquisition immediately expands our product offering, further diversifies our distribution capabilities and generates additional revenue, allowing us to help even more people secure their futures and protect those they love.”
The acquisition includes Great American Life and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, as well as a brokerage subsidiary, Great American Advisors, Inc., and an insurance distributor, AAG Insurance Agency, Inc. With the completion of this acquisition, MassMutual is among the top five individual annuity writers in the United States.1
Great American Life will operate as an independent subsidiary of MassMutual headed by its current president, Mark Muething, who will report to Mike Fanning, director of MassMutual US Its more than 600 employees will continue to support the company and remain based in Cincinnati.
“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 to strengthen financial security,” said Mark Muething, President and Chief Operating Officer of Great American Life. “This transaction strengthens our position as a leading US annuity company, enhances our ability to provide compelling solutions to our policyholders and distribution partners, and positions us for future growth with a company committed to our success.
Fanning, who will oversee the operations of Great American Life, added, “Our goal is to ensure a seamless transition for Great American Life employees, customers and partners. We look forward to working with Great American Life to reach more clients in need of lifetime income solutions and deliver continued value to our policyowners and clients. ”
Debevoise & Plimpton LLP was legal counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP and Keating Muething & Klekamp PLL served as AFG’s legal advisers.
MassMutual is a leading mutual life insurance company managed for the benefit of its members and participating policyholders. Founded in 1851, the company has always been guided by one constant goal: to help people secure their future and protect those they love. With a focus on long-term value creation, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit massmutual.com.
About American Financial Group, Inc.
American Financial Group (NYSE: AFG) is an insurance holding company, based in Cincinnati, Ohio. Through the activities of Great American Insurance Group, AFG is primarily engaged in P&C insurance, focusing on specialized commercial products for businesses. The roots of the Great American Insurance Group date back to 1872 with the establishment of its flagship company, Great American Insurance Company.
1United States Individual Annuity Sales Survey, (2020), LIMRA Secure Retirement Institute®