American Financial Group, Inc. MassMutual | May 31, 2021
Massachusetts Mutual life insurance Company announced today the completion of the previously announced acquisition of American Financial Group, Inc.’s wholly-owned subsidiary, Great American life insurance company, and other subsidiaries and affiliated entities, for a purchase price of approximately $3.5 billion.
“We are excited to welcome Great American Life to MassMutual and to assist build on its outstanding leadership position in the annuity market,” said Roger Crandall, Chairman, President, and CEO, MassMutual. “This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities and generates additional earnings – enabling us to assist even more people in securing their future and protecting the ones they love.”
The acquisition includes Great American Life and its two insurance subsidiaries, Annuity Investors life insurance Company and Manhattan National life insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., an insurance distributor, AAG Insurance Agency, Inc. With the completion of this acquisition, MassMutual, is among the top five individual annuity writers in the U.S.1.
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 U.S. Its more than 600 employees will continue to support the business and remain headquartered in Cincinnati.
“Today marks a new beginning for great American Life as we join MassMutual to make an even greater impact serving the millions of Americans who need our help in building financial security,” said Mark Muething, President and Chief Operating Officer of Great American Life. “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 policy owners and customers.”
Debevoise & Plimpton LLP served as legal counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP, and Keating Muething & Klekamp PLL served as legal counsel to AFG.
MassMutual is a leading mutual life insurance company that benefits its members and participating policy owners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect their loved ones. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit massmutual.com.
About American Financial Group, Inc.
American Financial Group is an insurance company based in Cincinnati, Ohio. Through Great American Insurance Group operations, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American insurance company.
DECK 7 | March 23, 2020
Since the implementation of Data Protection Act in 2018, the approach behind the use of data has changed dramatically. Our clients and customers don’t just want a great experience, they also want to make sure they can trust us. Tweet This! And it makes perfect sense in the present time and space. But as data is considered a key factor in positive customer experience, the U.S. brands and agencies have found it to be increasingly complicated to earn customer trust while remaining compliant. In an article by John Snyder, CEO at Grapeshot, for Adexchanger, he says that the GDPR will remove 75% of third-party data and what’s left will be more expensive. This has caused the power dynamic between brands and agencies to evolve over time.
AXA XL | December 07, 2021
AXA XL has added new Excess & Surplus (E&S) casualty insurance underwriting expertise with the addition of Matthew Moses as Senior Underwriter in New York and Joshua Steele as Senior Underwriter in Scottsdale, Arizona.
"Given the current hard market conditions in admitted markets and the challenges brought on by pandemic, more severe Cat events, nuclear verdicts, and overall economic strains, the E&S market continues to thrive. We've seen a substantial uptick in submissions and plenty of opportunities to grow. That's why we're excited to welcome seasoned underwriters like Matt and Joshua who bring more than two decades of underwriting experience to our team and are ready to hit-the-ground running to help us address our clients' most challenging primary casualty risks."
- Ankur Chokshi, AXA XL's head of E&S Primary Casualty
With more than 10 years of underwriting experience, Mr. Moses joins AXA XL from CapSpecialty where focused his underwriting activities on addressing the E&S casualty needs of the Construction industry. Prior to CapSpecialty, he was at Admiral Insurance group, working in the Midwest, and building up Admiral's office from ground up. He is a graduate of Indiana University.
Mr. Steele joins AXA XL's E&S team from AmTrust. In this newly created role based in AXA XL's West Zone, Mr. Steele will address the needs of wholesale brokers and clients throughout the Southwest. During his 10+ year-career in the insurance industry, he has held underwriting positions with Nationwide, Liberty Mutual and Travellers. He is a graduate of Georgia State University.