July 3, 2022


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AM Finest Feedback on Massachusetts Mutual Lifetime Insurance policy Company’s Acquisition of American Monetary Group Inc.’s Daily life Coverage Subsidiaries

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OLDWICK, N.J.–(Small business WIRE)–AM Finest has commented that the Economic Power Rating (FSR) of A++ (Top-quality) and the Extensive-Expression Issuer Credit score Rating (Prolonged-Term ICR) of “aa+” of Massachusetts Mutual Everyday living Coverage Corporation (MassMutual) (Springfield, MA) continue being unchanged next its announcement that it plans to acquire the life insurance policies subsidiaries of American Economic Team, Inc. (AFG). In addition, the FSR of A++ (Top-quality) and the Very long-Expression ICRs of “aa+” of MassMutual’s operating insurance coverage subsidiaries, C.M. Existence Insurance plan Enterprise and MML Bay State Life Insurance coverage Enterprise (each domiciled in Enfield, CT), also are unchanged pursuing the announcement. The Long-Expression Difficulty Credit rating Ratings on MassMutual’s surplus notes of “aa-” and its notes issued beneath funding agreement-backed securities in MassMutual World wide Funding, LLC and MassMutual World Funding II of “aa+” also continue being unchanged. The outlook of these Credit rating Scores (rankings) are steady. The Small-Phrase Issuer Credit score Ranking of AMB-1+ also remains unchanged.

The $3.5 billion transaction will be paid in money and consist of the subsequent AFG subsidiaries Fantastic American Everyday living Insurance policies Organization, Annuity Investors Everyday living Insurance Firm, Manhattan Nationwide Holding Company, Manhattan Countrywide Everyday living Insurance policy Firm, Great American Advisors, which is a broker-dealer, and AAG Insurance policy Agency, Inc. The transaction is issue to customary regulatory approvals and is envisioned to close in the 2nd quarter of 2021. Upon near of the transaction, Fantastic American Lifetime team will continue on to operate as an independent subsidiary of MassMutual. AM Most effective notes that the transaction enhances MassMutual’s enterprise profile, which AM Ideal has evaluated as extremely favorable, the greatest descriptor in its credit history ranking methodology for the small business profile evaluation. Particularly, the acquisition will enable foster MassMutual’s tactic to improve its impartial channels in the banking, impartial broker-vendor and unbiased agent channels exactly where MassMutual at the moment has little presence, and grow its lifetime income merchandise suite. The merged annuity product sales from the transaction will improve MassMutual’s sector share to a top rated-3 position in the set annuity marketplace, and features MassMutual the prospect to cross-provide its present products in the freshly acquired channels. The transaction will be accretive to earnings, and while it is raising MassMutual’s curiosity level possibility, it is anticipated to be workable as the block has acceptable least fascination level assures with the likely to reduced crediting costs to fulfill specific spreads if essential.

This press release relates to Credit history Scores that have been revealed on AM Best’s web page. For all score information and facts relating to the release and pertinent disclosures, which includes aspects of the business office responsible for issuing each and every of the personal ratings referenced in this release, you should see AM Best’s Current Ranking Exercise website web page. For supplemental information relating to the use and limits of Credit rating Score thoughts, remember to look at Guidebook to Best’s Credit history Rankings. For information and facts on the appropriate media use of Best’s Credit Ratings and AM Greatest push releases, make sure you perspective Guidebook for Media – Proper Use of Best’s Credit rating Scores and AM Most effective Rating Action Press Releases.

AM Very best is a world credit history score agency, information publisher and details analytics supplier specializing in the insurance plan business. Headquartered in the United States, the organization does business in in excess of 100 international locations with regional places of work in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Town. For far more information, visit www.ambest.com.

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