Nassau Financial Group, L.P., has entered into a definitive agreement with The Independent Order of 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.
In a statement, Nassau said that it expected the transaction to close in the first quarter of 2020 and that it was 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, Nassau's chair and chief executive officer. "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 United States and $2.5 billion in assets. The company has offices in Edison, New Jersey, and New York, New York.
Learn more: nsre.com; foresters.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].