This morning MassMutual made the following announcement concerning its participation in the structured settlements business:
"Over the last year, MassMutual completed a strategic review of all its businesses. As part of this review, it was concluded that structured settlements is a niche business which is not consistent with the company's strategic focus on growing the career agency system and sales of participating, whole life insurance. Despite favorable results and strong relationships with many of our brokers, MassMutual has made the difficult decision to stop accepting new structured settlements business."
As of January 26, 2007, MassMutual will no longer provide quotes for structured settlement cases. MassMutual will accept lock-ins through that date for cases to be funded not later than May 31, 2007.
The annuity issuer Massachussetts Mutual Life Insurance Company is one of the most highly rated and strongest life insurance companies in the United States. It is important to note that like Genworth's decision in August 2006, this is a business decision and is no reflection on the credit quality of the company.
Existing recipients of structured settlement payments from Massachussetts Mutual Life Insurance Company should not attach any credibility, or succumb to any sales pitch, from a "cash now" company, or any others, engaging in fearmongering about MassMutual.
If you have a MassMutual structured settlement and need service change of beneficiary, change of bank, change of address etc.) please contact your structured settlement broker OR refer to the following list of structured settlement annuity customer service numbers for direct contact to MassMutual.