Nationwide Reaches Reinsurance Agreement with MassMutual on Universal Life Policy Block

COLUMBUS, Ohio, May 28, 2026 /PRNewswire/ -- Nationwide has reached an agreement with MassMutual to reinsure a block of fixed Universal Life insurance policies, comprising more than 30,000 policyowners. The transaction, which is expected to close in Q2, 2026, has a total face value of nearly $16 billion and will increase Nationwide Financial's reserves by $6 billion. Nationwide expects to be able to take on this additional business without adding staff.

"This agreement represents a tremendous opportunity to put our strong capital position to work and grow our life insurance business, which was designated the third largest writer of life insurance in 2025," said Kirt Walker, CEO of Nationwide. "Bringing together two strong brands allows us to protect more Americans with life insurance."

MassMutual will continue to administer these policies and remain the point of contact for policyowners.

"This deal marks a continued step forward for our life insurance business, which has established itself as a strong and stable industry leader with a deep portfolio of protection solutions," said Craig Hawley, president of Nationwide Financial.

Sidley Austin LLP served as Nationwide's legal counsel on the transaction.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

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SOURCE Nationwide