3 Firms Pilot MassMutual's $3.5B Great American Life Buy
By Benjamin Horney (January 27, 2021, 10:02 PM EST) -- U.S. insurance giant MassMutual has agreed to absorb Great American Life Insurance for $3.5 billion in order to bolster its position in the retail annuity market, the companies said Wednesday, in an agreement steered by Debevoise & Plimpton, Skadden and Keating Muething.
The agreement sees Springfield, Massachusetts-based Massachusetts Mutual Life Insurance Co. buying Cincinnati, Ohio-headquartered Great American Life Insurance Co. from American Financial Group Inc., according to a statement. In Great American Life, MassMutual picks up a provider of fixed and fixed indexed annuities. The acquisition adds a complementary piece to MassMutual's portfolio while also boosting its distribution capabilities, the companies...
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