MassMutual acquires The Hartford's retirement plans business
Massachusetts Mutual Life Insurance Company has completed its previously announced acquisition of The Hartford's retirement plans business.
This transaction enables MassMutual to build on the growth in its retirement business, add complementary markets and distribution capabilities, and nearly double the number of retirement plan participants it serves to approximately three million.
"We are pleased to complete this transaction and welcome the employees, clients and other business partners of The Hartford's retirement plans business to MassMutual," says Roger Crandall, chairman, president and chief executive of MassMutual. "This is a great day for our company, as the closing of this acquisition underscores MassMutual's commitment to the retirement market and enables us to further accelerate the outstanding momentum in our retirement business. We look forward to a smooth and seamless integration and the important benefits this acquisition will bring to our company, our clients and our policy owners."
The combined retirement services business will be led by Elaine Sarsynski, executive vice president and head of MassMutual's retirement services division and chairman and CEO of MassMutual International.
"By combining our two great businesses, we have created a premier retirement services organisation with a clear emphasis on delivering the same outstanding service and customer focus that we have become known for in the marketplace," says Sarsynski. "Our goal is to ensure a seamless experience for the new employees, clients and partners we are welcoming to MassMutual. We are eager to begin working together with our new colleagues from The Hartford's retirement plans business as one team with the mutual purpose of helping Americans retire on their own terms."
MassMutual's retirement plans business has a strong focus on the mid-size market and offers a full range of products and services for corporate, union, non-profit and governmental employers' defined benefit, defined contribution and non-qualified deferred compensation plans.
The newly acquired retirement plans business from The Hartford focuses on the small- to mid-size and tax exempt retirement markets and also provides administrative services for defined benefit programmes.
The combined business now has approximately 40,000 retirement plans, three million participants, and USD120bn in retirement assets under management.
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