MetLife has completed the spinoff of its retail advisor force to Massachusetts Mutual Life Insurance Company. MassMutual announced Monday that the completed acquisition brings its number of advisors to 9,200.
The company, based in Springfield, Mass., acquired the MetLife Premier Client Group for $165 million net of adjustments. The move was originally announced in February, and continues MassMutual’s expansion through acquisitions.
The transaction has increased the force of financial professionals at the insurer by 60 percent. The acquisition includes support staff from MetLife’s Premier Client Group as well as from MetLife’s affiliated broker-dealer -- MSI Financial Services Inc.
The number of MassMutual sales and advisory offices across the country now totals more than 2,000, an increase of nearly 45 percent.
As part of the transaction, MassMutual and MetLife have entered into a product development agreement under which MetLife’s U.S. retail business will be the developer of annuity products to be issued by MassMutual.
“Now that we’ve expanded our team to include thousands of new and talented advisors and employees, MassMutual has become a distribution powerhouse and pacesetter for the industry,” says Michael Fanning, executive vice president for MassMutual U.S. “This transaction puts us firmly on the path to become the number one provider of individual life insurance and whole life insurance in the United States.”
MassMutual offers financial products and services such as life insurance, disability income insurance and long-term care insurance, as well as financial planning and wealth management.