6th July 2020 -
Author: Luke Gallin
Nassau Financial Group, an insurance and financial services
firm based in Hartford, CT, has completed the acquisition of Foresters Life
Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters.
Nassau offers a range of insurance and fixed annuity
solutions, as well as reinsurance, insurance distribution, and asset management
capabilities across its four segments. Following the deal, it’s expected that
Nassau will have combined assets of roughly $27 billion and capital of around
$1.2 billion.
FLIAC was founded in 1962 and operates as a provider of life
insurance and annuity solutions with 112,000 policyholders across the U.S. and
$2.5 billion in assets. The firm has offices in Edison, NJ and New York, NY.
Following the transaction, Nassau plans to merge FLIAC into
Nassau Life Insurance Company, its New York-based life insurer.
Phil Gass, Chairman and Chief Executive Officer (CEO) of
Nassau, said: “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. 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.”
Jim Boyle, Foresters Financial President and CEO, added: “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.”
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