Japanese insurance group MS&AD Insurance Group Holdings, through its subsidiary Mitsui Sumitomo Insurance Co., Ltd. (MSI), has completed the acquisition of an 18% stake in Barings Bank, the global alternative asset management subsidiary of MassMutual Bank.
Upon completion of the transaction, which was initially announced in November 2025, MS&AD becomes a long-term strategic partner of Barings and MassMutual, supporting Barings’ growth with additional capital and assets.
Barings will manage the increased portion of MS&AD’s general investment account and enhance the insurer’s portfolio through its capabilities in credit, real assets, capital solutions and emerging markets.
As part of the transaction, MSI will appoint a director to the Barings board and several MS&AD team members will be seconded to Barings teams across the company.
“We are pleased to welcome MS&AD as owner alongside MassMutual and believe our aligned ownership model is a key strategic advantage,” said Mike Freno, Chairman and CEO of Barings Group.
“Our structure, combined with long-term investment capital, provides us with the scale and stability to invest across market cycles, expanding our capabilities and delivering solutions to our clients.”
Shinichiro Funabiki, Representative Director, President and CEO of MS&AD, commented: “We have long admired Barings’ global investing capabilities and solutions-oriented approach, and we are excited to work with MassMutual to help advance Barings’ long-term goals.
“We also look forward to working closely with MassMutual and Barings to invest in new and existing strategies to grow our portfolio and meet our needs as a global insurance company.”
Roger Crandall, MassMutual Chairman, President and Chief Executive Officer, added: “The successful completion of this transaction marks an important milestone for MassMutual and Barings Bank.
“Welcoming MS&AD as a long-term strategic partner reinforces Barings’ strength and our confidence in its continued growth, while also building on MassMutual’s long-standing successful approach to integrating insurance and asset management, providing us with a powerful combination that enhances our ability to deliver lasting value to policyholders.”
MassMutual retains 82% of Barings’ equity and controlling governance rights. Barings will continue to manage the majority of MassMutual’s general investment accounts and operate as an independent subsidiary, with no changes to day-to-day operations, investment processes, committees or strategies.
