Foresters Financial announces the sale of FLIAC
Foresters Financial™ (“Foresters”) announced that it has entered into a definitive agreement with Nassau Financial Group, L.P., subsidiary Nassau Life Insurance Company (“NNY”), to acquire Foresters Financial Holding Company, Inc. and its subsidiary Foresters Life Insurance and Annuity Company (“FLIAC”). NNY and FLIAC are New York-domiciled life insurance companies.
The sale marks the final stage of Foresters strategy of exiting its North American Asset Management business, which commenced earlier this year with the sale of its asset management and broker dealer businesses.
“Following the sale of our US and Canadian asset management businesses earlier this year, this transaction is in step with our strategy of focusing on fixed life insurance in North America and continuing to grow as a purpose-driven international fraternal benefit society. We will continue to evolve our business by focusing on innovation, new product development and independent distribution to best serve our members,” said Jim Boyle, President and Chief Executive Officer, Foresters Financial.
The transaction is expected to close in the first quarter 2020 and is subject to customary closing conditions including regulatory approval by the New York State Department of Financial Services.
Founded in 1962, FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the US and $11.9 billion of life insurance in force and $2.5 billion in assets.