Investment · Asset management
MS&AD buys 18% of Barings from MassMutual for $1.44 billion
- Investor
- MS&AD Insurance Group (via Mitsui Sumitomo Insurance) (Tokyo)
- In
- Barings (18%, from MassMutual), Charlotte, North Carolina
- Value
- $1.44B
- Status
- Completed May 14, 2026.
- Date
- 2025-11-17
MS&AD agreed, through Mitsui Sumitomo Insurance, to buy an 18% stake in Barings, the global asset manager owned by US life insurer MassMutual, for about $1.44 billion in cash. MassMutual keeps 82% and control. Barings will manage more of MS&AD's investment money, and MS&AD gets a seat on Barings' board.
Why it matters
Japanese insurers are buying into US asset managers to earn fees and get access to private credit and other alternative investments; this was one of the largest such deals.
The deal
On November 17, 2025, MassMutual and Barings said MS&AD would buy an 18% equity stake in Barings through Mitsui Sumitomo Insurance. MassMutual receives about $1.44 billion in cash, a figure that reflects MS&AD's valuation of Barings' equity. The deal closed on May 14, 2026, within the first-half-of-2026 target.
About Barings
Barings, based in Charlotte, North Carolina, manages money in public and private credit, real estate, equities and other assets for institutions and individuals. It reported $481 billion in assets under management as of March 31, 2026. MassMutual, one of the largest US mutual life insurers, keeps 82% and its governance rights.
What MS&AD gets
Besides the stake, MS&AD gets one seat on Barings' board, and some MS&AD staff will work inside Barings teams. Barings will manage part of MS&AD's general investment account, and MS&AD will provide growth capital. Barings keeps its own investment committees and strategy.
Japanese insurers look abroad
Japanese insurers face low returns at home and are looking abroad. Nippon Life bought into TCW and Corebridge, and Dai-ichi Life into M&G and Capula; MS&AD's earlier US deals include a W. R. Berkley stake. A Barings stake gives it fee income and access to private credit, a fast-growing area.
What to watch
How much MS&AD money Barings ends up managing, whether MS&AD raises its stake later, and how private credit markets perform.
Sources
Kakehashi M&A News home
