Nassau Financial Group has reached an agreement to purchase Foresters Financial Holding Company, and Foresters Life Insurance and Annuity Company (FLIAC) for an undisclosed sum.
Nassau Financial Group will buy the New York-domiciled life insurance companies from The Independent Order of Foresters.
FLIAC, which was established in 1962, offers life insurance and annuity plans. It serves around 112,000 policyholders across the US and has $2.5bn in assets.
Commenting on the deal, Nassau chairman and CEO Phil Gass said: “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.”
Subject to regulatory approval by the New York State Department of Financial Services, the deal is scheduled to be completed in the first quarter of next year.
Eversheds Sutherland (US) offered legal advice while Goldman Sachs & Co provided financial advice to Nassau in connection with the transaction.
Nassau Financial through several affiliates manages four business segments such as reinsurance, insurance, distribution and asset management.
Established in 2015, Nassau Financial has combined assets of almost $22.6bn and capital of nearly $1.3bn.