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Nassau Financial to Acquire Foresters Life Insurance and Annuity
Tuesday 22 October 2019

22 October 2019 - Connecticut, US-based Nassau Financial Group, L.P. has entered into a definitive agreement to acquire New York, US-based Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters for Nassau Life Insurance Company (NNY), the company said.
The transaction is expected to close in 1Q20. Terms were not disclosed.
This transaction marks a step in Nassau's plans to expand more broadly across insurance and financial services.
In addition to the scale benefits FLIAC provides, this acquisition further supports Nassau's continued focus and momentum in expanding its franchise, including several recent product launches and Insurtech initiatives.
FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the US and USD 2.5bn in assets.
Nassau Financial Group has combined assets of approximately USD 22.6bn and capital of approximately USD 1.3bn.
The business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates. Nassau was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm with over USD 15bn of committed capital.
Foresters Financial provides financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, a non-denominational fraternal benefit society.
Foresters is a offers insurance products to over three m members and clients in Canada, the US and the UK.
Foresters Financial Holding Company, Inc. (formerly First Investors) consists of a group of diversified financial services companies.
Goldman Sachs and Co. LLC served as financial advisor and Eversheds Sutherland LLP served as legal advisor to Nassau.
Details
Date Published: 22/10/2019
Target: Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC)
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: The Independent Order of Foresters for Nassau Life Insurance Company
Buyer: Nassau Financial Group, L.P.
Buyer Advisor: Goldman Sachs and Co , Eversheds Sutherland LLP
Comment:
Terms of the deal were not disclosed

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