Nassau Group to acquire FLIAC
Nassau Financial Group has announced that it has entered into a definitive agreement with The Independent Order of Foresters for Nassau Life Insurance Company to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company from Foresters. NNY and FLIAC are New York-domiciled life insurance companies.
The transaction is expected to close in the first quarter of 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 U.S. and $2.5 billion in assets. The company has offices in Edison, NJ and New York, NY.
“This transaction marks an exciting next step for Nassau, as we seek to expand more broadly across insurance and financial services. We appreciate the opportunity to work closely with Foresters to provide seamless execution to meet their strategic objectives. In addition to the scale benefits FLIAC provides, this acquisition further supports our continued focus and momentum in expanding our franchise including several recent product launches and Insurtech initiatives.” – Phil Gass, Chairman and Chief Executive Officer of Nassau.
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.” – Jim Boyle, President and Chief Executive Officer, Foresters Financial.