Japanese insurance group MS&AD Insurance Group Holdings, through its subsidiary Mitsui Sumitomo Insurance Co., Ltd. (MSI), has completed the acquisition of an 18% equity stake in Barings, a global alternative asset management subsidiary of MassMutual.
Initially announced in November 2025, the completion of the transaction establishes MS&AD as a long-term strategic partner to Barings and MassMutual, supporting Barings’ growth through additional capital and assets.
Barings will manage an increased portion of MS&AD’s general investment account and enhance the insurer’s investment portfolio through its capabilities across credit, real assets, capital solutions, and emerging markets.
As part of the transaction, MSI will appoint one director to Barings’ Board, and several MS&AD team members will be seconded into Barings’ teams across the firm.
Mike Freno, Chairman and CEO of Barings, said, “We are pleased to welcome MS&AD as an owner alongside MassMutual and believe our aligned ownership model is a key strategic advantage.
“Our structure, combined with long-duration investment capital, gives us the scale and stability to invest across market cycles, expand our capabilities, and deliver solutions for clients.”
Shinichiro Funabiki, Representative Director, President & CEO of MS&AD, commented, “We have long admired Barings’ global investment capabilities and solutions-oriented approach, and we are excited to help advance Barings’ long-term objectives with MassMutual.
“We also look forward to collaborating closely with MassMutual and Barings to invest in new and existing strategies to evolve our portfolio and to meet our needs as a global insurance company.”
Roger Crandall, Chairman, President and CEO of MassMutual, added, “The successful close of this transaction marks an important milestone for MassMutual and Barings.
“Welcoming MS&AD as a long-term strategic partner reinforces the strength of Barings and our conviction in its continued growth, while also building on MassMutual’s longstanding, successful approach to integrating insurance and asset management, giving us a powerful combination that enhances our ability to deliver enduring value to our policyowners.”
MassMutual retains an 82% stake and controlling governance rights in Barings. Barings will continue to manage the majority of MassMutual’s general investment account and operate as an independent subsidiary, with no changes to day-to-day operations, investment processes, committees, or strategy.
