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.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
