Hartford, U.S. domiciled insurer and reinsurer, Nassau Financial Group, L.P. has announced that its subsidiary, Nassau Life Insurance Company (NNY), is to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters (Foresters).
Both NNY and FLIAC are New York-based life insurance companies, and the latter, which is to be acquired by NNY, has 112,000 policyholders throughout the U.S., $2.5 billion in assets, and offices in Edison, NJ and New York, NY.
It’s been announced that the deal is expected to close in the first-quarter of next year and remains subject to customary closing conditions, including regulatory approval by the New York State Department of Financial Services.
Phil Gass, Chairman and Chief Executive Officer (CEO) of Nassau, said: “This transaction marks an exciting next step for Nassau, as we seek to expand more broadly across insurance and financial services. We appreciate the opportunity to work closely with Foresters to provide seamless execution to meet their strategic objectives.
“In addition to the scale benefits FLIAC provides, this acquisition further supports our continued focus and momentum in expanding our franchise including several recent product launches and Insurtech initiatives.”
