Great American Life Announces Growth in Cincinnati
CINCINNATI, OH – March 28, 2022 – Great American Life Insurance Company (“Great American Life”), an independent subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), today announces its intent to preserve more than 600 jobs and its plan to create an additional 150 jobs by the end of 2026. Additionally, the company plans to make an $8M facility investment as it builds out office space within the GE Global Operations Center in The Banks in downtown Cincinnati. The State of Ohio, JobsOhio, the City of Cincinnati and REDI Cincinnati provided support for the project. While the State of Ohio’s Tax Credit Authority Board approved its support today, Cincinnati City Council must still review and vote on its official approval in the near future.
“Great American Life has a strong history in Ohio and the City of Cincinnati,” said Mark Muething, President and Chief Operating Officer of Great American Life. “We appreciate the partnership with the State of Ohio, JobsOhio, the City of Cincinnati and REDI Cincinnati as we continue to grow our business in The Queen City, retaining and adding jobs, contributing to the local economy, and helping more people plan for a secure retirement.”
Great American Life, a leading provider of annuities, became an independent subsidiary of MassMutual in May 2021 following MassMutual’s acquisition of Great American Life and other subsidiaries and affiliated entities from American Financial Group, Inc. After being based in Ohio for nearly 30 years, Great American Life has made the decision to remain and grow in the city of Cincinnati and State of Ohio due in large part to the area’s highly skilled workforce.
In addition to retaining more than 600 existing jobs within the region, Great American Life will add 150 new roles by the end of 2026 as the company capitalizes on opportunities under MassMutual’s new ownership and continues to grow its business. The company also plans to invest $8M in building costs as it relocates a majority of its employees and operations to the GE Global Operations Center located at 191 Rosa Parks Street as well as a smaller secondary office within the Enquirer Building at 312 Elm Street. The company plans to finalize these leases following the City’s formal approval of its support.
“The fact that Great American Life is choosing to remain in and expand in Cincinnati further strengthens Ohio’s leadership in the financial services sector,” said Ohio Governor Mike DeWine. “Ohio’s ingenuity and global competitiveness are paving the way for companies like Great American Life to write the next chapter in their success stories.”
“The news that an industry leader like Great American Life will continue growing in Cincinnati is a testament to Ohio’s expertise, innovation, and talent, ensuring the financial services industry continues to thrive here,” said J.P. Nauseef, JobsOhio president and CEO. “Keeping more than 600 jobs in Cincinnati and adding 150 new jobs is further evidence of Ohio’s value proposition for companies looking to invest in long-term growth.”
“Our City is committed to ensuring our economic environment attracts diverse young talent to move here and stay,” said Cincinnati Mayor Aftab Pureval. “We are thrilled to see Great American Life building upon their leadership in our region, and we look forward to continued strong growth through collaboration with the State, JobsOhio and REDI.”
“We are grateful to not only retain Great American Life’s business in downtown Cincinnati but to also help them grow it here as well,” said Kimm Lauterbach, president and CEO of REDI Cincinnati. “The Cincinnati region is home to 3,500 businesses and 57,000 employees in the financial services sector. Combining those resources with the affordable cost of doing business here demonstrates our region has the ecosystem in place for financial service companies to thrive. Thank you to the leadership of Great American Life, as well as Governor DeWine, JobsOhio, Cincinnati Mayor Aftab Pureval, the City of Cincinnati and our team at REDI for bringing this project to fruition.”
About Great American Life Insurance Company
Great American Life Insurance Company®, a wholly owned subsidiary of MassMutual, offers traditional fixed, fixed-indexed and registered index-linked annuities in the retail, broker-dealer, financial institutions and registered investment advisor markets. Great American Life believes it pays to keep things simple. From products to services, the company strives to make things as easy as possible. It’s part of a simple promise to customers: superior service and annuities that are easier to understand.
For more information, visit GAIGannuities.com.
Great American® appearing with the Great American Logo is a registered trademark of Great American Insurance Company and is used under license.
About REDI Cincinnati
The Regional Economic Development Initiative (REDI) Cincinnati is the first point-of-contact for companies locating or growing in the 16-county region at the heart of southwest Ohio, northern Kentucky, and southeast Indiana. REDI Cincinnati is supported by top business leaders and community partners and staffed by a team of economic development experts who are uniting the Cincinnati region to compete globally.
The future is bright, and we’re building it, right now. Join us at REDICincinnati.com.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.