Insurance companies have been snapping up pension risk deals, and MetLife and MassMutual are the latest. (Photo: AP)

(Bloomberg) — MetLife Inc. and Massachusetts Mutual Life Insurance Co. agreed to take on $1.6 billion in pension liabilities from PPG Industries Inc., the maker of paints and coatings.

The deal accounts for about 13,400 of PPG’s salaried and non-union hourly retirees or their survivors who began receiving benefit payments before April 2, Pittsburgh-based PPG said Monday in a statement that didn’t disclose terms.

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