Massachusetts Mutual Life Insurance Co. has agreed to buy The Hartford's retirement plans business for $400 million, helping push MassMutual's retirement plan assets to nearly $120 billion.
The transaction is expected to close by the end of 2012.
"This acquisition represents an important step for MassMutual and underscores our long-standing commitment to the retirement market. Following the closing of the transaction, we look forward to combining the best of our two organizations, to offer enhanced capabilities and greater overall value across a broader retirement market," said Roger Crandall, chairman, president and CEO of MassMutual.
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