Nassau Financial Group, L.P. has successfully completed the acquisition of Delaware Life Insurance Company of New York (DLNY) from Delaware Life Insurance Company, a subsidiary of Group 1001.
Nassau plans to merge DLNY into its own subsidiary, Nassau Life Insurance Company (NNY), which is also a New York-domiciled life insurance company.
The acquisition of DLNY marks Nassau’s fourth insurance acquisition and is a significant step in the company’s strategic expansion in New York.
Nassau aims to strengthen its presence in the region by welcoming DLNY policyholders into its portfolio. With the transaction completed, Nassau is committed to providing a seamless transition for DLNY policyholders.
Phil Gass, CEO of Nassau, expressed his pleasure at working with the team at Group 1001 and Delaware Life, describing the acquisition as an opportunity to divest their non-strategic business line.
He emphasised Nassau’s dedication to expanding its New York operations and reiterated the company’s commitment to delivering excellent service to policyholders.
“We have worked closely with Nassau Financial Group to ensure a smooth transition for our policyholders,” said Dan Towriss, CEO and President of Group 1001, the parent company of Delaware Life.
“Our highest priority has been to ensure that this change is as seamless as possible.”
In November 2022, Nassau entered into a definitive agreement for its subsidiary, NNY, to acquire DLNY from Delaware Life Insurance Company.
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with approximately 16,000 policies in force and held $1.6 billion in assets.
The company does not have employees, and its business has been managed as part of Delaware Life.
Nassau received legal advice from Sidley Austin LLP, while Delaware Life was advised by Willkie Farr & Gallagher LLP.
