John Hancock Financial will acquire New York Life’s RetirementPlan Services business, a move that will increase John Hancock’sexpansion into the mid- and large plan market and increase itsassets under administration by $50 billion, bringing total assetsto about $135 billion.

As a part of the deal, New York Life has agreed to reinsure 60percent of certain John Hancock life insurance policies,according to a release from Manulife Financial Corp., theCanadian-based parent of John Hancock.

The combined RPS businesses means John Hancock now works withmore than 55,000 plans covering 2.5 million participants, movingthe company into the top 15 of mid-size plan providers, andsolidifying it as the leader in the small plan market.

“John Hancock’s and New York Life’s RPS businesses both enjoystrong service cultures, philosophies and a commitment to quality.We are very pleased that both companies’ RPS business locations,service teams, systems and relationships will remain in place tosupport the top quality client experience as it exists today,” saidPeter Gordon, president of John Hancock RPS.

The transaction is expected to close in the firs half of 2015,subject to regulatory approval. Terms of the transaction weren’tdisclosed.