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October 17, 2019

Hartford’s Nassau Financial Group to acquire NY life insurer

By Sean Teehan

Hartford-based insurer Nassau Financial Group L.P. on Thursday announced it entered into an agreement to acquire a New York-based life insurance company.

Nassau Financial Group, which entered Connecticut with its 2016 purchase of the Phoenix Cos., said it has acquired Foresters Financial Holding Co. Inc. and Foresters Life Insurance and Annuity Co. from The Independent Order of Foresters. The transaction is expected to close in the first quarter of 2020.

A Nassau spokeswoman said the company won’t disclose terms of the deal, including the price.

“This transaction marks an exciting next step for Nassau, as we seek to expand more broadly across insurance and financial services,” Nassau chairman and chief executive Phil Gass said in a statement.

Foresters Life Insurance and Annuity provides life insurance and annuity products to about 112,000 customers in the U.S, and holds $2.5 billion in assets, the companies said  It has offices in New York and New Jersey. Nassau Financial Group’s combined assets amount to about $22.6 billion.

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