Nassau Financial Group, L.P. has entered into a definitive agreement for its subsidiary, Nassau Life Insurance Company (NNY), to acquire Delaware Life Insurance Company of New York (DLNY) from Delaware Life Insurance Company.
The transaction is expected to close in the second half of 2023.
The transaction is also subject to customary closing conditions, including receipt of regulatory approvals.
Both NNY and DLNY are New York-domiciled life insurance companies.
Moreover, Sidley Austin LLP served as legal advisor to Nassau, and Willkie Farr & Gallagher LLP served as legal advisor to Delaware Life.
Phil Gass, Chief Executive Officer of Nassau, commented: “As Nassau’s fourth insurance acquisition, this transaction marks yet another step in our growth plans to expand our New York insurance business. We appreciate the opportunity to work closely with Delaware Life, providing seamless execution in support of their strategic objectives. With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY’s policyholders to Nassau.”
Dan Towriss, CEO & President of Group 1001, the parent company of Delaware Life, added: “Our teams have been working diligently on this acquisition to ensure a smooth transition. This transaction will allow Delaware Life to focus on its core business outside of New York.”
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with 16,000 policies in force and approximately $1.8 billion in assets as of September 30, 2022.
The company does not have employees, and its business has been managed as part of Delaware Life.
The DLNY transaction follows on from three previous acquisitions of New York life insurers by Nassau.
In 2020, Nassau acquired Foresters Life Insurance and Annuity Company from The Independent Order of Foresters, and in 2016, the company also acquired the New York subsidiaries of The Phoenix Companies and Universal American’s non-core segments.