Close
ThinkAdvisor

Life Health > Life Insurance

MassMutual Refuses TARP Assistance

X
Your article was successfully shared with the contacts you provided.

Massachusetts Mutual Life Insurance Company says it will not take part in the U.S. Treasury Department’s Troubled Asset Relief Program.

“MassMutual is well-positioned and has the financial strength and capital necessary to meet the needs of our policyholders and customers despite the current economic environment,” MassMutual, Springfield, Mass., says in a statement.

Another large mutual company, New York Life Insurance Company, New York, said last week that it would not participate in TARP, a federal bailout program.

In related news, researchers who polled the members of 5 bank and securities company groups say large financial firms are more likely to want to participate in TARP than smaller ones are.

About 70% of financial firms with assets over $5 billion said they want to participate in the program, compared with 46% of companies with $1 billion to $5 billion in assets and 52% of firms with less than $1 billion in assets.

The researchers who compiled those statistics talked to members of the Securities Industry and Financial Markets Association, New York; the American Securitization Forum, New York; the American Bankers Association, Washington; the Mortgage Bankers Association, Washington; and the Commercial Mortgage Securities Association, New York.