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Nassau takes $100mn investment from Wilton Re & Stone Point Credit

11th January 2021 - Author: Luke Gallin

Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has received an initial strategic investment of $100 million from Wilton Reassurance Company and Stone Point Credit, via the issuance of a series of non-cumulative perpetual preferred equity.

Nassau has said that it intends to use the proceeds to execute on its organic growth plans across both its insurance and asset management businesses, as well as to support strategic acquisitions.

Furthermore, as Nassau’s business grows, there’s scope for this strategic investment to be significantly increased.

Founded in 2015 with an initial capital commitment and subsequent growth capital provided by Golden Gate Capital, Nassau has expanded and acquired various businesses across insurance, reinsurance, distribution, and asset management.

Over the past year, some highlights of the firm’s performance include elevated combined assets to $26.9 billion; increased fixed annuity sales by 13%; growth in third-party AuM to $4 billion and the establishment of a UK-based investment manager.

Additionally, in 2020 the company acquired Foresters Life Insurance and Annuity Company; built additional direct-to-consumer and mobile applications for core annuity offerings; maintained best-in-class service capability; and also expanded the reach of Nassau Re/Imagine.

Following the $100 million investment from Wilton Re and Stone Point Credit, Golden Gate Capital remains a majority controlling shareholder of Nassau.

For this investment, RBC Capital Markets served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Nassau. While Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Wilton Re and Stone Point Credit.

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