Massachusetts Mutual Life Insurance Company has completed the acquisition of American Financial Group’s wholly owned subsidiary, Great American Life Insurance Company, and other subsidiaries and affiliated entities in a $3.5bn (£2.47bn) deal.
The deal includes Great American Life and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company.
Broker-dealer affiliate Great American Advisors and insurance distributor AAG Insurance Agency are also part of the package.
Following the deal, Great American Life will operate as an independent subsidiary of MassMutual led by its current president Mark Muething, who will report to Mike Fanning, head of MassMutual US.
Its 600 plus employees will continue to support the business from their Cincinnati headquarters.
Commenting on the deal, Roger Crandall, chairman, president and CEO of MassMutual, said: “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.”
Mark Muething, president and chief operating officer of Great American Life, said: “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.”
Fanning, who will oversee the Great American Life business, added: “Our goal is to ensure a seamless transition for Great American Life’s employees, clients and partners.
“We look forward to working together with Great American Life to reach more customers in need of lifetime income solutions and deliver ongoing value to our policyowners and customers.”
