Foresters Financial announces the sale of Foresters Life Insurance and Annuity Company to Nassau Financial Group
TORONTO, Oct. 17, 2019 /CNW/ - Foresters Financial™ ("Foresters") today announces that it has entered into a definitive agreement with Nassau Financial Group, L.P., subsidiary Nassau Life Insurance Company ("NNY"), to acquire Foresters Financial Holding Company, Inc. and its subsidiary Foresters Life Insurance and Annuity Company ("FLIAC"). NNY and FLIAC are New York-domiciled life insurance companies.
The sale marks the final stage of Foresters strategy of exiting its North American Asset Management business, which commenced earlier this year with the sale of its asset management and broker dealer businesses.
"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. We will continue to evolve our business by focusing on innovation, new product development and independent distribution to best serve our members," said Jim Boyle, President and Chief Executive Officer, Foresters Financial.
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.
Founded in 1962, FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the US and $11.9 billion of life insurance in force and $2.5 billion in assets.
Foresters was advised on this transaction by its financial advisors, Oppenheimer & Co. Inc. and TAG Financial Institutional Group, LLC, its legal advisor, Debevoise & Plimpton LLP, with actuarial advice provided by Milliman, Inc.
About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 19 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.1 For more information please visit foresters.com
About Foresters Financial Holding Company, Inc. (formerly First Investors)
Foresters Financial Holding Company, Inc. consists of a group of diversified financial services companies that include a registered broker-dealer, two investment advisers, a life insurance company and a transfer agent. Foresters Life Insurance and Annuity Company, a New York domiciled insurance company, offers a range of insurance and annuity products and maintains an "A" (Excellent) rating by A.M. Best1.
About Nassau Financial Group
Nassau's mission is to build a franchise across the insurance value chain. Based in Hartford, CT, Nassau Financial Group currently has combined assets of approximately $22.6 billion and capital of approximately $1.3 billion. Their 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 $15 billion of committed capital. For more information, visit nsre.com.
™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.
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The A.M. Best ratings assigned on August 14, 2019 reflect the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) and Foresters Life Insurance and Annuity Company (FLIAC) but do not apply to the performance of any non-IOF or FLIAC issued products. An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest ratings. |
SOURCE Foresters Financial
Media Contacts: Foresters Financial: Oliver Ormrod, [email protected], 416-429-3000 Ext: 4631; Nassau: Alice S. Ericson, [email protected], 860-403-5946
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