MS&AD Insurance Holdings, through Mitsui Sumitomo Insurance, plans to acquire an 18% stake in Barings, MassMutual’s global asset management arm.
Barings runs more than $470 bn in assets and serves clients worldwide with a mix of public and private markets strategies. The deal closes once the usual approvals line up.
MassMutual gets about $1.44 bn in cash and, more importantly, a strategic partner meant to push Barings toward long term expansion. MS&AD brings growth capital and fresh investment capacity.
Barings will also manage assets inside MS&AD’s general account, giving the insurer broader exposure and more diversification than its domestic portfolio typically offers. It’s a two way lift: global reach for the insurer, stable capital for the manager.
Once the deal closes, MS&AD takes a board seat at Barings. MassMutual keeps an 82% stake and remains the majority owner with full governance control.
Day to day operations do not change. Committees stay put. Investment processes stay intact. Barings will continue managing most of MassMutual’s general account, and that relationship remains central to MassMutual’s overall strategy.
Shinichiro Funabiki, CEO of MS&AD and MSI, called the partnership meaningful for the group. He said Barings’ record and MassMutual’s position in life insurance create a combination the company trusts. MS&AD expects the collaboration to generate long haul value for all sides.
We are pleased to have the opportunity to invest in Barings. Forming a new strategic partnership with Barings—an asset manager with a strong track record and deep expertise—and with MassMutual, a leading provider of high-quality life insurance solutions, carries significant meaning for our group.
Shinichiro Funabiki, President and CEO, MS&AD and MSI
“We are confident that supporting Barings’ sustainable, long-term growth in close collaboration with MassMutual will create lasting value for all three firms.”
MassMutual’s Roger Crandall said Barings plays a critical role in the company’s diversified business mix. He said bringing in MS&AD accelerates Barings’ growth and strengthens the longstanding strategy that ties insurance and asset management together.
The subtext is obvious: scale wins, and Barings gains another lever to compete globally.
Barings’ CEO Mike Freno said the partnership gives the firm a chance to move faster.
Backed by MassMutual and now MS&AD, Barings can pair new capital with its existing scale to advance its long term plan across private credit, public markets, and everything in between.
Goldman Sachs advised MassMutual. Simpson Thacher handled the legal side.
According to our analysts, this kind of cross border insurer asset manager alignment isn’t just trend chasing; it’s a response to capital intensity, market volatility, and the need for global reach that keeps stretching every year.
