Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has reached an agreement with mutual life insurer MassMutual to reinsure a block of fixed Universal Life insurance policies with a total face value of nearly $16 billion.
The policies comprise over 30,000 policyowners, and will increase Nationwide Financial’s reserves by $6 billion.
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approval requirements.
Nationwide expects to take on the additional business without adding staff, while MassMutual will continue to administer the policies and remain the point of contact for policyholders.
Additionally, Nationwide has appointed global alternative asset management firm Barings, which is also a MassMutual subsidiary, as one of its investment managers for this block. Barings will also manage additional general account assets for Nationwide.
Kirt Walker, Chief Executive Officer, Nationwide, commented, “This agreement represents a tremendous opportunity to put our strong capital position to work and grow our life insurance business, which was designated the third largest writer of life insurance in 2025. Bringing together two strong brands allows us to protect more Americans with life insurance.”
Craig Hawley, President, Nationwide, added, “This deal marks a continued step forward for our life insurance business, which has established itself as a strong and stable industry leader with a deep portfolio of protection solutions.”
Mary Jane Fortin, Chief Financial Officer, MassMutual, said, “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. We’re very pleased to have reached this mutually beneficial agreement with Nationwide as a strategic partner.”
For this transaction, Wells Fargo was MassMutual’s exclusive financial advisor, while its legal counsel was Skadden, Arps, Slate, Meagher & Flom LLP, and Oliver Wyman served as its actuarial advisor. Sidley Austin LLP served as Nationwide’s legal counsel on the transaction.
