Nationwide Financial is set to add $6 billion in reserves through a reinsurance deal with MassMutual covering a block of fixed universal life insurance policies.
The transaction includes more than 30,000 policyowners and has a total face value of nearly $16 billion. It is expected to close in the second quarter of 2026.
Under the agreement, Nationwide will reinsure the block of policies, while MassMutual will continue to administer them. MassMutual will also remain the point of contact for policyowners, meaning customer servicing will stay with the company after the transaction closes.
Nationwide said it expects to take on the 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. Bringing together two strong brands allows us to protect more Americans with life insurance," Nationwide CEO Kirt Walker said.
The deal expands Nationwide Financial’s life insurance business and adds to its portfolio of protection products.
"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," Nationwide Financial president Craig Hawley said.
Sidley Austin LLP served as Nationwide’s legal counsel on the transaction.
