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Great American Life Insurance Co. will create 150 new jobs with an $8 million expansion that fills empty space in the GE Global Operations Center at the Banks, the company announced Monday.
Massachusetts Mutual Life Insurance Co. announced Wednesday it has reached agreement to acquire Great American Life Insurance Co. and other subsidiaries and affiliated entities, which primarily offer traditional fixed and fixed indexed annuity products. The purchase price is $3.5 billion, subject to adjustment at closing. The transaction is expected to close in the second quarter of 2021, subject to regulatory and other necessary approvals. Upon the close of the transaction, Great American Life will operate as an independent subsidiary of MassMutual. Great American Life is a highly respected leader in the annuity market, known for its competitive product suite, excellent customer service, and deep distribution relationships with banks, independent agents, and independent broker-dealers, MassMutual said in a news release.