Mitsui Sumitomo Insurance agreed to purchase an 18% stake in Barings from Massachusetts Mutual Life Insurance for $1.44 billion (¥220 billion), Nikkei reported. The Tokyo-based property and casualty insurer will gain board representation at the Charlotte-based asset manager as part of the transaction.
MassMutual will retain an 82% stake in Barings and maintain controlling governance rights following the deal. The transaction provides MassMutual with cash proceeds while bringing MS&AD Insurance Group Holdings as a strategic partner.
Barings manages more than $470 billion in assets, focusing on public and private markets across fixed income, real assets and capital solutions. The firm operates as MassMutual’s global asset management subsidiary with over 2,000 professionals in 34 offices worldwide.
The investment extends MS&AD’s North American expansion strategy. In March, Mitsui Sumitomo announced plans to acquire a 15% stake in W.R. Berkley Corp., part of a broader push into U.S. markets as Japan’s shrinking population constrains domestic growth.
MS&AD forecasts North American net profit will reach ¥166 billion ($1.09 billion) in the fiscal year ending March 2025, more than triple the prior year. The company has redirected capital from selling cross-held shares toward growth investments, with an estimated ¥600 billion to ¥700 billion ($3.9 billion to $4.6 billion) available for additional deals.
The transaction is expected to close after customary regulatory approvals.
