Nassau Financial Group has entered into a definitive agreement for its subsidiary Nassau Life Insurance Company to acquire New York-based Delaware Life Insurance Company (DLNY).
Founded in 2015, Nassau Financial Group is a growth focused and digitally enabled financial services company.
The company has three distinct and closely connected businesses: insurance, reinsurance and asset management.
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with 16,000 policies in force and approximately $1.8bn in assets as of September 30, 2022.
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.
The transaction is expected to close in the second half of 2023 and is subject to customary closing conditions, including receipt of regulatory approvals.
Phil Gass, chief executive officer of Nassau, said, “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. With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY’s policyholders to Nassau.”
Dan Towriss, CEO & President of Group 1001, the parent company of Delaware Life, added, “Our teams have been working diligently on this acquisition to ensure a smooth transition. This transaction will allow Delaware Life to focus on its core business outside of New York.”
Earlier this year, SelectQuote partnered with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select point-of-sale life insurance product to the SelectQuote platform.
Copyright © 2022 FinTech Global
