21 October 2019News

Nassau Life to acquire Foresters Life Insurance and Annuity

Nassau Life Insurance Company (NLI) will acquire Foresters Financial Holding Company and its subsidiary Foresters Life Insurance and Annuity Company (FLIAC) from Foresters Financial.

FLIAC, which like NLI is a New York-domiciled life insurance company, has 112,000 policyholders throughout the US and $11.9 billion of life insurance in force and $2.5 billion in assets.

The transaction is expected to close in the first quarter 2020 and is subject to customary closing conditions, including regulatory approval by the New York State Department of Financial Services.

Jim Boyle, president and CEO of Foresters Financial, said: “Following the sale of our US and Canadian asset management businesses earlier this year, this transaction is in step with our strategy of focusing on fixed life insurance in North America and continuing to grow as a purpose-driven international fraternal benefit society.”

Foresters will now focus on innovation, new product development and independent distribution, added Boyle.