The merger of Massachusetts Mutual Life Insurance Co. with Connecticut Mutual Life Insurance Co. will have a major impact on the Intermountain Financial Group, whose products include insurance from the combined company.
Jim Woodward, general agent for the group and Connecticut Mutual, said the merger makes his company the major player in the Intermountain area in providing insurance to small and medium-size companies.The new company will be located in Springfield, Mass., under the formal name Massachusetts Mutual Life Insurance Co. with a nickname of MassMutual-The Blue Chip Co. Blue chip is reference to Connecticut Mutual's Blue Chip Enterprise Program that annually honors companies that have overcome obstacles to become successful.
Woodward said Intermountain Financial Group sold insurance in Utah, Idaho, Wyoming, Montana and Nevada, but under the merger he will lose Nevada. However, he will add one MassMutual office in 4 Triad Center and three offices in Idaho. He will go from 45 agents and a staff of 15 to 80 agents and a staff of 25.
The merger means new signs have to be erected, Woodward said, and later this year he plans to combine the Salt Lake operations at the Woodlands, 4001 S. 700 East.
Woodward said Intermountain Financial Group will provide MassMutual insurance when it benefits clients and also will provide insurance from other companies IFG sells. IFG also provides investment services through a variety of companies.
MassMutal officials claim the merger is the largest involving mutual life insurance companies in American history, combining companies with nearly 300 years in the life insurance business.
The combined company and its subsidiaries have more than $52 billion in life insurance assets and $104 billion in total assets under management.
Thomas B. Wheeler is the chairman and chief executive officer; David E. Sams Jr., who formerly led Connecticut Mutual, will be president and chief operating officer, and John J. Pajak, is vice chairman and chief administrative officer.