Great American acquired by Mass Mutual

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GALIC is being acquired by Mass. But will continue to operate independently of Mass as their own carrier/product line, so no big changes to agents or IMOs it seems so far.

But now GA annuities will have a AA+ rating to back them! That is nice.

"Earlier today, it was announced that our parent company, American Financial Group, Inc., has entered into a definitive agreement to sell its Annuity business to Massachusetts Mutual Life Insurance Company (MassMutual). Under the terms of the agreement, MassMutual will acquire Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. The sale is expected to close in the second quarter of 2021.

We believe this transaction presents an excellent opportunity for GALIC and MassMutual to be one of the leading providers of traditional fixed and indexed annuities in major distribution channels and markets. GALIC will operate as a subsidiary of MassMutual and will remain headquartered in Cincinnati. This ensures that the agreement will have no impact on GALIC’s relationships with and commitments to its annuity distribution partners and policyholders. In fact, we believe MassMutual’s AM Best rating of “A++” (Superior) and its S&P rating of “AA+” (Very Strong) will result in enhanced agent recruitment and policyholder retention.

As always, we thank you for your business and continued commitment to our company."