HARTFORD, Conn.--(BUSINESS WIRE)--
Expands Nassau’s platform and accelerates growth plans
Nassau Financial Group, L.P. (“Nassau”) today announced that it has entered into a definitive agreement with The Independent Order of Foresters (“Foresters”) for Nassau Life Insurance Company (“NNY”) to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (“FLIAC”) from Foresters. NNY and FLIAC are New York-domiciled life insurance companies.
The transaction is expected to close in the first quarter of 2020 and is subject to customary closing conditions, including regulatory approval by the New York State Department of Financial Services.
“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,” said Phil Gass, Chairman and Chief Executive Officer of Nassau. “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.”
Founded in 1962, FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the U.S. and $2.5 billion in assets. The company has offices in Edison, NJ and New York, NY.
Goldman Sachs & Co. LLC served as financial advisor and Eversheds Sutherland (US) LLP served as legal advisor to Nassau.
About Nassau Financial Group
Nassau’s mission is to build a franchise across the insurance value chain. Based in Hartford, CT, Nassau Financial Group currently has combined assets of approximately $22.6 billion and capital of approximately $1.3 billion. Our business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates. Nassau was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm with over $15 billion of committed capital. For more information, visit nsre.com.
About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 19 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.1 For more information please visit foresters.com.
About Foresters Financial Holding Company, Inc. (formerly First Investors)
Foresters Financial Holding Company, Inc. consists of a group of diversified financial services companies that include a registered broker-dealer, two investment advisers, a life insurance company and a transfer agent. Foresters Life Insurance and Annuity Company, a New York domiciled insurance company, offers a range of insurance and annuity products and maintains an "A" (Excellent) rating by A.M. Best1.
™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.
1 The A.M. Best ratings assigned on August 14, 2019 reflect the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) and Foresters Life Insurance and Annuity Company (FLIAC) but do not apply to the performance of any non-IOF or FLIAC issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest ratings.