HARTFORD, Conn.--(BUSINESS WIRE)--Nassau Financial Group, L.P. (“Nassau”) today announced that it has entered into a definitive agreement for its subsidiary, Nassau Life Insurance Company (“NNY”), to acquire Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”). NNY and DLNY are New York-domiciled life insurance companies.
The transaction is expected to close in the second half of 2023 and is subject to customary closing conditions, including receipt of regulatory approvals.
“As Nassau’s fourth insurance acquisition, this transaction marks yet another step in our growth plans to expand our New York insurance business. We appreciate the opportunity to work closely with Delaware Life, providing seamless execution in support of their strategic objectives,” said Phil Gass, Chief Executive Officer of Nassau. “With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY’s policyholders to Nassau.”
“Our teams have been working diligently on this acquisition to ensure a smooth transition,” said Dan Towriss, CEO & President of Group 1001, the parent company of Delaware Life. “This transaction will allow Delaware Life to focus on its core business outside of New York.”
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with 16,000 policies in force and approximately $1.8 billion in assets as of September 30, 2022. The company does not have employees, and its business has been managed as part of Delaware Life.
The DLNY transaction follows three previous acquisitions of New York life insurers by Nassau. In 2020, Nassau acquired Foresters Life Insurance and Annuity Company from The Independent Order of Foresters, and in 2016, Nassau acquired the New York subsidiaries of The Phoenix Companies and Universal American’s non-core segments.
Sidley Austin LLP served as legal advisor to Nassau, and Willkie Farr & Gallagher LLP served as legal advisor to Delaware Life.
About Nassau Financial Group
Based in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance and asset management. Nassau was founded in 2015 and has approximately $1.1 billion in total adjusted capital, $20 billion in assets, and 400,000 policies as of September 30, 2022. For more information, visit nfg.com.
About Group 1001
Group 1001 Insurance Holdings, LLC (“Group 1001”) is a technology-driven financial services company with a mission to empower customers, employees, and communities by making innovative products accessible to everyone. Group 1001 strives to demystify how insurance and annuity products are purchased today by leveraging technology to provide intuitive financial solutions for all Americans. As part of its mission, Group 1001 invests in strategic partnerships to connect with and transform communities through education and sports. As of September 30, 2022, Group 1001 had combined assets under management of approximately $58 billion and comprises the following brands: Delaware Life, Gainbridge, Clear Spring Health, Clear Spring Insurance, and Clear Spring Life. For more information about Group 1001, visit group1001.com. For more information about Delaware Life, visit delawarelife.com.