Hartford's Nassau Re raises $200M for future growth
Matt Pilon
Hartford's Boat Building, where Phoenix Cos. is headquartered. The company was acquired by Nassau Re for $217.2 million.
Hartford insurer Nassau Re says it has raised $200 million in new capital to expand its fixed annuity and life insurance businesses. It will also initiate a rebranding that will eliminate the Phoenix Cos. name.
Nassau Re, headquartered at 1 American Row, said the funding is being provided by private equity firm Golden Gate Capital, its existing sponsor based in San Francisco.
Meantime, the insurer, parent of Hartford’s The Phoenix Cos. Inc., which it acquired in 2016, recently launched a rebranding of its core insurance subsidiaries under a single Nassau brand.
A unified brand, the company says, better positions Nassau to expand its products and boost sales with independent marketing organizations and others.
“Over this past year, we have successfully completed the transformation and integration of our insurance companies while laying the foundation for stable, long-term growth,” Nassau Re CEO Phillip J. Gass said.
The rebrand is Nassau Re’s final integration step, officials said.
Nassau Re’s rebranded companies are as follows:
- Phoenix Life and Annuity Co. is now Nassau Life and Annuity Co.
- Phoenix Life Insurance Co. is now Nassau Life Insurance Co.
- The Phoenix Cos. Inc. is now The Nassau Cos. of New York.
- Constitution Life Insurance Co. will be Nassau Life Insurance Co. of Texas.
- Pyramid Life Insurance Co. will be Nassau Life Insurance Co. of Kansas.
Nassau Life and Annuity Co. is the new flagship company for its growth nationwide. Their products are offered through The Nassau Cos. of New York
Next year, Nassau Re will offer fixed indexed annuities and life insurance products through Nassau Life and Annuity Co.
Nassau Re says it has combined assets of approximately $20 billion and capital of approximately $1.3 billion. Its business segments cover insurance, reinsurance, distribution and asset management through various affiliates.
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