MassMutual has entered into an agreement with Nationwide for the reinsurance of a block of fixed Universal Life with Secondary Guarantees (ULSG) policies representing nearly $6bn of statutory reserves. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approval requirements.
“This transaction creates capital and other economic benefits that support our continued investment in long-term growth as we deliver value to our policyowners and seek to help even more people secure their future and protect the ones they love,” said Mary Jane Fortin, Chief Financial Officer of MassMutual.
“We’re very pleased to have reached this mutually beneficial agreement with Nationwide as a strategic partner.”
MassMutual continues to offer a range of life insurance solutions, including Universal Life policies, and will continue to administer the policies in this block, ensuring policyowners have a consistent experience and benefit from the company’s customer service and support.
Nationwide has appointed global alternative asset management firm Barings, which is a subsidiary of MassMutual, as one of their investment managers for this block. Barings will also manage additional general account assets for Nationwide.
Wells Fargo served as MassMutual’s exclusive financial advisor on the transaction, Skadden, Arps, Slate, Meagher & Flom served as its legal counsel, and Oliver Wyman served as its actuarial advisor.
