MassMutual has been a builder since its founding in 1851, earning the company worldwide industry recognition for its steadfast growth strategy.
The MassMutual Financial Group's headquarters is seen on State Street in Springfield.News item: SPRINGFIELD – The MassMutual Financial Group is buying The Hartford’s retirement plans business for $400 million. (The Republican, Sept. 5).
In the scheme of things, it’s not blockbuster news. But the deal underscores the sure and steady way Springfield’s largest private employer keeps on growing and prospering – and that’s very good news for the company and the region’s economy.
When it combines with The Hartford, MassMutual’s retirement business will have $120 billion in assets, making it the 11th largest retirement services business in the country, according to company CEO Roger W. Crandall.
MassMutual doesn’t yet know how The Hartford’s 1,200 retirement services division employees will integrate with the 1,100 workers in the company’s retirement services business at its State Street headquarters.
“This, from our perspective is a growth opportunity,” Crandall said. “The Hartford’s markets are different than our markets. This is something we want to build, not something we want to prune aggressively.”
Indeed, MassMutual has been a builder since its founding in 1851, earning the company worldwide industry recognition for its steadfast growth strategy.
MassMutual has consistently appeared on the Fortune World’s Most Admired Company list, a survey that assesses “reputation drivers” crucial to a company’s global success. Those include: financial soundness, long-term investment value, people management, innovation and global competitiveness – and social responsibility.
Throughout the company’s history, MassMuual has remained one of the region’s finest corporate citizens. Time and again, MassMutual has stepped up to advance Springfield’s revitalization efforts – from improvements to the State Street Corridor to its investment in the downtown civic center and from tornado relief to scholarship aid for city students.
So we salute MassMutual for its continued success. It’s comforting to know that this Springfield-based financial giant – one we often take for granted – remains an economic bulwark of Western Massachusetts.