Nationwide reaches reinsurance agreement with MassMutual on UL policy block

Columbus, OH – 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.