(Springfield, MA) - Massachusetts Mutual Life Insurance Company (MassMutual) announced today it has completed its previously announced acquisition of The Hartford’s Retirement Plans business. This transaction enables MassMutual to build on the record 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,” said Roger Crandall, Chairman, President and CEO, 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 policyowners.”
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 LLC.
“By combining our two great businesses, we have created a premier retirement services organization with a clear emphasis on delivering the same outstanding service and customer focus that we have become known for in the marketplace,” said Ms. 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, nonprofit and governmental employers’ defined benefit, defined contribution and nonqualified 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 programs. The combined business now has approximately 40,000 retirement plans, three million participants, and $120 billion in retirement assets under management.
MassMutual was named “Retirement Leader of the Year” for industry leadership and excellence in retirement plan services by Fund Industry Intelligence (Euromoney Institutional Investor) in April 2012.
Barclays served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to MassMutual in this transaction.
MassMutual has no affiliation, and Hartford Retirement Services, LLC and The Hartford’s Retirement Plans business no longer have any affiliation, with The Hartford Financial Services Group, Inc. or any of its subsidiaries. MassMutual has been appointed by Hartford Life Insurance Company (HLIC) to provide all administrative services necessary to support the insurance contracts issued by HLIC and reinsured by MassMutual in connection with the transaction.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.