Massachusetts Mutual Life Insurance (MassMutual) has completed acquisition of The Hartford’s retirement plans business, for an undisclosed amount.
The transaction will allow the acquirer to complement its retirement business, boost markets and distribution capabilities, and double retirement plan participants to nearly three million.
MassMutual International chairman and CEO and Retirement Services Division executive vice president and head Elaine Sarsynski will lead the combined businesses.
The newly acquired business from 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 $120bn in retirement assets under management.
Financial and legal advice on the transaction was provided by Barclays and Skadden, Arps, Slate, Meagher & Flom, respectively.
