Established in 1962, the New York-domiciled FLIAC offers life insurance and annuity products and is claimed to serve 112,000 policyholders across the US
Nassau Financial Group’s subsidiary Nassau Life Insurance Company has closed its previously announced acquisition of Foresters Financial Holding Company and its subsidiary Foresters Life Insurance and Annuity Company (FLIAC) from Canada-based Foresters Financial.
Financial terms of the deal announced in October 2019 remained undisclosed.
Established in 1962, the New York-domiciled FLIAC offers life insurance and annuity products and is claimed to serve 112,000 policyholders across the US. The life insurance company, which holds $2.5bn in assets, has offices in Edison in New Jersey, and in New York.
It was acquired by Foresters Financial in 2011. The sale of the business by the Canadian company marks its exit from the variable life and annuity business, and at the same time, culmination of its strategy to focus on fixed life insurance in the US and Canada.
Foresters Financial president and CEO Jim Boyle, said: “Our strategy focuses on optimizing our strengths as a modern fraternal life insurance carrier. With the divestitures over the past year, our energies are fully devoted to driving the growth of our fixed life insurance business and taking advantage of being a purpose-driven fraternal organization.
“This includes creating innovative life insurance products and offering member benefits that enrich the lives of our members, their families and their communities.”
Nassau Financial said that it will look to merge FLIAC into Nassau Life Insurance, which is also a life insurance company domiciled in New York.
Based in Hartford, Connecticut, Nassau Financial provides a suite of insurance and fixed annuity products in addition to reinsurance, insurance distribution, and asset management capabilities.
Following the closing of the transaction, the financial services provider has combined assets of about $27bn and capital of nearly $1.2bn.
Nassau Financial CEO comments on closing of the FLIAC acquisition
Nassau Financial Group chairman and CEO Phil Gass 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.”