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September 5, 2023

Hartford’s Nassau Financial Group receives $130M equity investment

HBJ Photo | Joe Cooper Hartford's Boat Building at 1 American Row.
By Andrew Larson

Fortress Investment Group, a global investment management firm, has made a $130 million equity investment in Hartford-based Nassau Financial Group, the companies announced Tuesday.

Nassau, a provider of fixed annuities and asset management, is based in the Boat Building at One American Row.

The transaction closed Sept. 1, after receiving regulatory approvals.

The investment will provide additional capital to strengthen Nassau’s balance sheet and accelerate the firm’s growth strategy, including organic growth and acquisitions, the companies said. Nassau also entered into a long-term investment management agreement with Fortress, whereby Nassau’s insurance subsidiaries will have full access to Fortress’ credit investment strategies. 

“We are thrilled to partner with Fortress to support the next phase of growth,” said Phil Gass, chairman and CEO of Nassau. “In addition to Fortress’ significant equity investment, they bring extensive experience and an impressive investment track record across multiple credit investment strategies that fit well with our investment portfolio."

Fortress now owns about 7.7% of Nassau, with Golden Gate Capital remaining Nassau’s majority shareholder.

Nassau has $23 billion in assets under management and 390,000 policyholders. 

Nassau has been growing in recent months.

In February, Nassau Financial Group announced Monday morning that it had merged with Angel Island Capital, a specialty credit investment firm with $3.6 billion in assets including a balance sheet of $300 million. 

Last November, Nassau Life Insurance Co. acquired Delaware Life Insurance Co. of New York from Delaware Life Insurance Co.

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