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July 2, 2020

Hartford’s Nassau Financial Group acquires NY life insurer

Hartford-based insurer Nassau Financial Group L.P. says it's completed the acquisition of a New York-based life insurance company for an undisclosed sum.

Nassau, an insurance and financial services company that entered Connecticut with its 2016 purchase of the Phoenix Cos., on Wednesday said it closed on the purchase of Foresters Life Insurance and Annuity Co. (FLIAC) from The Independent Order of Foresters. 

Financial terms were not disclosed. The deal was first announced in Oct. 2019.

Nassau CEO and Chairman Phil Gass in a statement said the acquisition of FLIAC, which has offices in New Jersey and New York City, marks a significant milestone for the insurer.

“This acquisition further demonstrates our continued track record of execution and seamless integration," Gass said. "It has been our pleasure to work closely with the team at Foresters, enabling the exit of their New York operations and providing best in class service to the FLIAC policyholders.”

Following the deal, Nassau says it now has combined assets of about $27 billion and capital of approximately $1.2 billion. Subsidiaries of Nassau include Nassau Re Cayman, Saybrus Partners, Nassau Asset Management Co., Nassau CorAmerica and Nassau Corporate Credit.

Founded in 1962, FLIAC provides life insurance and annuity products with some 112,000 policyholders nationwide and $2.5 billion in assets. 

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