Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has completed the acquisition of Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters.
Nassau offers a range of insurance and fixed annuity solutions, as well as reinsurance, insurance distribution, and asset management capabilities across its four segments. Following the deal, it’s expected that Nassau will have combined assets of roughly $27 billion and capital of around $1.2 billion.
FLIAC was founded in 1962 and operates as a provider of life insurance and annuity solutions with 112,000 policyholders across the U.S. and $2.5 billion in assets. The firm has offices in Edison, NJ and New York, NY.
Following the transaction, Nassau plans to merge FLIAC into Nassau Life Insurance Company, its New York-based life insurer.
Phil Gass, Chairman and Chief Executive Officer (CEO) of Nassau, said: “The closing of the FLIAC acquisition marks an exciting milestone for Nassau, as we continue to grow across our platform, including through our New York insurance business. This acquisition further demonstrates our continued track record of execution and seamless integration. It has been our pleasure to work closely with the team at Foresters, enabling the exit of their New York operations and providing best in class service to the FLIAC policyholders.”
Jim Boyle, Foresters Financial President and CEO, added: “It was important for us to engage with an organization that would provide excellent service and administration for the FLIAC policyholders. We are confident Nassau is more than prepared to assume this responsibility.
“With the divestitures over the past year, our energies are now completely devoted to driving the growth of our (Fraternal) fixed life insurance business in the U.S. through the Independent Order of Foresters branch and taking full advantage of being a purpose-driven fraternal organization.”
