HARTFORD, CT, Jan. 11, 2021 – Nassau Financial Group (“Nassau”) announced it has received an initial strategic investment of $100 million from Wilton Reassurance Company (“Wilton Re”) and Stone Point Credit (“Stone Point”). The strategic investment was made through the issuance of a new series of non-cumulative perpetual preferred equity and may be significantly increased as Nassau’s business grows.
Nassau intends to use the new capital to execute on its organic growth plans across its insurance and asset management businesses as well as to support strategic acquisitions.
Nassau was founded in 2015 with an initial capital commitment along with subsequent growth capital provided by Golden Gate Capital. Since that time, Nassau has grown and acquired a range of businesses across four segments of the insurance value chain: insurance, reinsurance, distribution and asset management.
Over the last year, Nassau has:
- Increased combined assets to $26.9 billion
- Increased fixed annuity sales by 13% while the industry was down approximately 15%
- Grown third-party AUM to approximately $4 billion and established a U.K.-based investment management business
- Acquired Foresters Life Insurance and Annuity Company
- Built additional direct-to-consumer and mobile applications for core annuity offerings
- Maintained best-in-class service capability that consistently earns a 5-star Trustpilot rating, even with staff working remotely
- Expanded the reach of Nassau Re/Imagine, an insurtech incubator that supports startup companies focused on the life insurance, annuity and reinsurance industries
Following this strategic investment by Wilton Re and Stone Point, Golden Gate Capital remains a majority controlling shareholder.
RBC Capital Markets served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Nassau. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Wilton Re and Stone Point.
About Nassau Financial Group
Nassau Financial Group, based in Hartford, Conn., has combined assets of $26.9 billion, capital of $1.1 billion and annual sales of approximately $600 million. Its business covers four segments: insurance, reinsurance, distribution and asset management with principal subsidiaries including Nassau Life and Annuity, Nassau Re Cayman, Saybrus Partners, Nassau CorAmerica and Nassau Corporate Credit. For more information, visit www.nsre.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable financial services investments sponsored by Golden Gate Capital include Aperio Group, Angel Island Capital Management, Pluribus Labs, Makena Capital Management, Williston Financial Group and Green Street Advisors.
About Wilton Re
Wilton Re is a leading provider of in force and reinsurance solutions in the North American life insurance industry. With its proven experience, Wilton Re creates customized solutions that address the capital and operational needs of its clients. For more information about Wilton Re, please visit www.wiltonre.com.