MassMutual Accquires the Great American Life Insurance Company

American Financial Group, Inc. MassMutual | May 31, 2021

MassMutual Accquires the Great American Life Insurance Company
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.

About MassMutual
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

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.


Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.

Related News


Damco Solutions Partners with omni:us to Fast-Track Insurers Adoption of Data-Driven Cognitive Claims Management

Damco Solutions, omni:us | December 07, 2020

Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management. Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insurance businesses accelerate their pace of digital transformation. This partnership would uphold insurers to rapidly convey AI into their claim's lifecycle streamlining the interactions among insurers and safeguarded parties. The combination of Damco's Insurance industry experience, innovation capability with omni:us ability in AI would give exceptionally differentiated digitization services assisting insurers with reevaluating the claims venture with high impact automation. Below is a snapshot of omni:us capabilities: Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc. "We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solution and digital technologies to simplify claims lifecycle," said Mohit Gupta, Founder & Chief Executive Officer, Damco Solutions Inc. "Together, we would be able to help a broader range of insurers industrialize innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future-readiness." "omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience", said Sofie Quidenus-Wahlforss, Founder & Chief Executive Officer, omni:us. "We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specializations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector." About Damco Damco Solutions is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Empowered by technology expertise, immaculate execution capabilities, and unwavering focus on the customer needs; Damco has nurtured businesses to connect with their customers, clients and employees in an entirely new way. Damco and omni:us partnership aim to deliver data-driven AI-based solutions for streamlining the claims ecosystem, driving efficiency, collaboration, and bringing the digital future to global insurance businesses. About omni:us omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. Built on a fully data-driven approach, omni:us transforms the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.

Read More


NAU Country Signs Deal with Agriculture Intelligence for Agroview, the Next Innovation for Crop Insurance

NAU Country | January 21, 2022

Agriculture Intelligence, a precision agriculture-science company combining automation, remote sensing and artificial intelligence to provide cloud-based, precision data for specialty crops, has announced a multi-year partnership with NAU Country for its award-winning AI platform Agroview. NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping solve unique customer risks worldwide. "We are excited to be selected by NAU Country, We believe sampling methods are a thing of the past. Drone technology must be complimented by smart technology and Agroview drives business value. The guessing game is over. We understand that consistent and accurate results are at the core of what any insurer must have. We believe this partnership proves our results and we are excited to be able to add value to a well-established insurer such as NAU Country" -CEO of Agriculture Intelligence and Product Officer for Agroview Matthew Donovan. Agroview employs aerial footage of crops captured by drones and its AI software to determine tree count, gaps, and precise measurements of each tree in the entire grove. "At NAU Country, we have high standards for our technology partners. We have heavily invested in drone technology, but knew that with the right partner we could do even more – we could use flight imagery and machine learning to help automate tree counts. We expect proven, accurate, and consistent results. In Agroview, we found all three of those qualities. We also see that the team behind Agroview is creating the next wave of proven technology that our industry needs." -Chief Marketing and Technology Officer Michael Deal at NAU Country. About Agriculture Intelligence, Inc Agriculture Intelligence is located in Gainesville, Florida, and a resident client at UF Innovate | The Hub. Its mission is to identify and bring to market the most advanced, proven agricultural solutions that leverage big data, machine vision, automation, and artificial intelligence. Agriculture Intelligence is the global distributor of the Agroview AI platform, developed at University of Florida. About NAU Country NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.

Read More

GEICO and Progressive positioned to take State Farm's dominant insurance position by 2021- 23

GEICO | July 17, 2020

A new report by Fitch Ratings reveals that not only are US personal line insurers expected to see underwriting profits this year despite the pandemic, but there could be soon a reshuffle of America’s top insurers. The report said that the ongoing pandemic is “substantially affecting” the insurance industry in terms of underwriting and investment. Personal line insurers, in particular, are heavily impacted by the decline in risk exposures related to changes in economic and social activity, Fitch Ratings said. These changes include reductions in drivers’ miles, which have led to falls in near-term claims frequency for auto insurers, boosting their profits.

Read More


Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.