Latest expansion of Nassau’s New York insurance business
Transaction adds $1.6 billion to Nassau’s total assets
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group, L.P. (“Nassau”) today announced that its subsidiary, Nassau Life Insurance Company (“NNY”), has completed the acquisition of Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”), a Group 1001 company.
NNY and DLNY are New York-domiciled life insurance companies, and Nassau plans to merge DLNY into NNY.
“It has been our pleasure to work with the team at Group 1001 and Delaware Life, enabling the sale of their non-strategic business line,” said Phil Gass, Chief Executive Officer of Nassau. “As Nassau’s fourth insurance acquisition, the closing of this transaction marks yet another milestone as we continue to expand our New York presence. We look forward to welcoming the DLNY policyholders to Nassau.”
“We have worked closely with Nassau Financial Group to ensure a smooth transition for our policyholders,” said Dan Towriss, CEO and President of Group 1001, the parent company of Delaware Life. “Our highest priority has been to ensure that this change is as seamless as possible.”
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with approximately 16,000 policies in force and $1.6 billion in assets as of March 31, 2023. The company does not have employees, and its business was managed as part of Delaware Life.
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, adjusted for the DLNY acquisition, has approximately $24 billion in assets, $1.3 billion in total adjusted capital, and 400,000 policyholders as of March 31, 2023. 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 March 31, 2023, Group 1001 had combined assets under management of approximately $60.1 billion and comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, and Clear Spring Life. For more information about Group 1001, visit group1001.com. For more information about Delaware Life, visit delawarelife.com.
Contacts
Nassau Financial Group
Alice S. Ericson, [email protected]
Group 1001
[email protected]
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