HARTFORD, Conn.--(BUSINESS WIRE)--Nassau Financial Group, L.P. (“Nassau”) today announced that it has completed the acquisition of Foresters Life Insurance and Annuity Company (“FLIAC”) from The Independent Order of Foresters.
Nassau is headquartered in Hartford, CT, and offers a suite of insurance and fixed annuity products, along with reinsurance, insurance distribution and asset management capabilities across its four segments. After this transaction, Nassau has combined assets of approximately $27 billion and capital of approximately $1.2 billion.
“The closing of the FLIAC acquisition marks an exciting milestone for Nassau, as we continue to grow across our platform, including through our New York insurance business.” said Phil Gass, Chairman and Chief Executive Officer of Nassau. “This acquisition further demonstrates our continued track record of execution and seamless integration. 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.”
Foresters Financial President and Chief Executive Officer Jim Boyle, said, “It was important for us to engage with an organization that would provide excellent service and administration for the FLIAC policyholders. We are confident Nassau is more than prepared to assume this responsibility. With the divestitures over the past year, our energies are now completely devoted to driving the growth of our (Fraternal) fixed life insurance business in the U.S. through the Independent Order of Foresters branch and taking full advantage of being a purpose-driven fraternal organization.”
Founded in 1962, FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the U.S. and $2.5 billion in assets. The company has offices in Edison, NJ and New York, NY. Nassau plans to merge FLIAC into Nassau Life Insurance Company, Nassau’s New York domiciled life insurance company.
About Nassau Financial Group
Based in Hartford, CT, Nassau Financial Group is an insurance and financial services company with four segments including insurance, reinsurance, distribution and asset management. Nassau sells fixed annuities and other insurance products through Nassau Life and Annuity Company and Nassau Life Insurance Company. Other subsidiaries include Nassau Re Cayman, Saybrus Partners, Nassau Asset Management Company, Nassau CorAmerica and Nassau Corporate Credit. For more information, visit nsre.com.
