Massachusetts Mutual Life Insurance Company (MassMutual) officially opened its Phoenix, Ariz., location. The 11001 North Black Canyon Highway location houses employees of the company's U.S. insurance and retirement businesses, as well as enables the geographic expansion of the company's customer service operations.
MassMutual plans to employ approximately 400 people at the Phoenix location by the end of 2014. A variety of professional financial services roles will be offered including customer service, sales, operations, underwriting, claims, and technology opportunities.
The company's U.S. Insurance business includes the development, marketing, distribution, and servicing associated with MassMutual's core whole life insurance product and its comprehensive portfolio of insurance and accumulation products sold in the U.S. It also includes the technology, compliance, and finance functions associated with those products, which include life insurance, disability income insurance, long term care, and annuities.
MassMutual's Retirement Services business will build on an existing Phoenix team acquired through the company's recent purchase of The Hartford's Retirement Plans business. The Hartford Retirement Plans business had a team of 70 employees in the area before the acquisition closed on Jan. 1, 2013.
In other industry news:
AssuredPartners Inc., through its subsidiary AssuredPartners of New Jersey, acquired Eastern Insurance Acquisition Agency LLC, dba Eastern Insurance Group. The agency specializes in commercial insurance, personal insurance and life, health and employee benefit programs for individuals and businesses of all sizes.
Eastern Insurance Group has helped clients manage their vulnerabilities, risks and health plans for more than 30 years. Comprised of three divisions, the agency offers services that include: risk management, loss control, personal and corporate planning, investment and insurance solutions. Eastern Insurance Group is one of the largest agencies in northeastern Pennsylvania, reporting revenues of approximately $4.3 million.
As part of the acquisition, more than 45 Eastern Insurance Group employees will join AssuredPartners of New Jersey. Operations are based in Wilkes Barre and Hazleton, Pa., and will continue under the local leadership of Brian Corbett and Paul "Chip" Siegel.
HSA Bank now offers the option of Tango Health, a provider of Health Savings Account (HSA) management software and services.
Employer groups signing up for an HSA Bank's HSA program may elect to add the Tango Health solution to eliminate barriers to HDHP + HSA adoption, simplify eligible employee census management and streamline the payroll deduction process. Employees can now combine the benefits and features of their HSA Bank savings account with Tango's solutions in an integrated and seamless manner.
Geneos Wealth Management and Kovack Securities announced that 500 of their Independent Financial Advisors are now new Financial Services Institute Financial Advisor Members. The Financial Advisors' first-year membership is offered on a complimentary basis by the firms.
In addition to advocacy, FSI financial advisor members receive:
- Access to analyses of regulatory and legislative proposals;
- An Advocacy Action Center to easily communicate with legislators and regulators;
- Opportunities to visit Capitol Hill and educate lawmakers;
- Access to FSI's first-ever Financial Advisor Summit; and
- Exclusive FSI publications and communications.
Thomas Valuck, MD, JD, joined Discern as a partner to help clients drive health system improvement and navigate post-reform challenges. Valuck is a nationally respected expert in value-based purchasing, having held leadership positions with the Centers for Medicare and Medicaid Services (CMS) and most recently the National Quality Forum (NQF).
