Connecticut Mutual Life Insurance Company
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| Mutual company | |
| Industry | Financial Services |
| Founded | Springfield, Massachusetts, USA (1851) |
| Founder | George W. Rice |
| Headquarters | Springfield, Massachusetts, USA |
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Key people
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Roger W. Crandall, President and CEO |
| Revenue | US$ 29.6 billion (2016) |
| Website | www |
Founded in 1851, Massachusetts Mutual Life Insurance Company (MassMutual) is an American mutual life insurance company serving 5 million clients. With headquarters in Springfield, Massachusetts, the company employs more than 7,000 in the United States, and a total of 10,614 internationally.
MassMutual was ranked 76th in the Fortune 500 list (as of June 15, 2016). The company has revenues of $29.6 billion and assets under management of $675 billion (as of 2016).
MassMutual provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. Major affiliates include: Barings LLC, Haven Life Insurance Agency, and OppenheimerFunds, Inc.
Massachusetts Mutual Life Insurance Company (MassMutual) began operation on May 15, 1851 in Springfield, Massachusetts, by George W. Rice, who subscribed for a guarantee capital of $100,000. As an insurance agent who sold policies for Connecticut Mutual Life Insurance Company in Hartford, Connecticut, Rice wanted to open a company of his own in neighboring Massachusetts. Similar to Connecticut Mutual, this new enterprise grew into a mutual company.
The popularity of mutual companies in the insurance industry had grown significantly between 1843 and MassMutual’s creation. Approximately a dozen competing mutual companies, including Mutual Life Insurance Company of New York (1842), Mutual Life Insurance Company of New Jersey (1845), and Connecticut Mutual Life Insurance (1846), experienced promising success, because minimal amounts of working capital were required for operation.
However, MassMutual’s path followed a different course when an 1851 Massachusetts state law required all insurance companies to take an initial stock subscription of $100,000. Rice met that requirement by recruiting 31 investors to purchase stock in his company to meet the mandatory subscription. After the company began operations and built sufficient reserves to meet regulatory requirements, the 31 stockholders were paid back in 1867, the stock was retired, and MassMutual functioned as a mutual company.
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