Nassau Financial Group, L.P. (“Nassau”) today announced that it has entered into a definitive agreement for its subsidiary, Nassau Life Insurance Company (“NNY”), to acquire Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”). NNY and DLNY are New York-domiciled life insurance companies.
The transaction is expected to close in the second half of 2023 and is subject to customary closing conditions, including receipt of regulatory approvals.
“As Nassau’s fourth insurance acquisition, this transaction marks yet another step in our growth plans to expand our New York insurance business. We appreciate the opportunity to work closely with Delaware Life, providing seamless execution in support of their strategic objectives,” said Phil Gass, Chief Executive Officer of Nassau. “With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY’s policyholders to Nassau.”
BELLEVUE, Wash., & HARTFORD, Conn.– Symetra Life Insurance Company and insurtech incubator Nassau Re/Imagine are collaborating on a new podcast series that explores the leading trends and innovations happening in the workplace benefits space. Launching today, the “Working Forward” series examines the future of work, with topics ranging from the accelerating emergence of data and technology to evolving workforce dynamics and what they may mean for employers, employees and benefits solution providers. Futurist Garry Golden joins series hosts Harry Monti, Todd Dzen, Paul Tyler and Laura Dinan Haber for the first podcast, The future of work, and a timely discussion on the issues shaping society, business and how organizations should be thinking about market transitions.
Nassau has been named one of the Top Workplaces in Greater Hartford, an annual list published by the Hartford Courant. Nassau is one of 61 local companies to win the award for 2022 and ranked 9th in the midsize employer category.
The Hartford Courant list is based solely on employee feedback gathered through a third-party survey administered by Energage. Employees in Nassau’s Hartford headquarters participated in the survey.
Top Workplaces rankings are conducted in metro regions across the country and include employers with at least 50 local employees.
Nassau Financial Group announced today that its revolving credit facility, arranged by RBC Capital Markets, has been increased to $120 million after the original $100 million target for the facility was oversubscribed. The facility will provide Nassau with additional financial flexibility as the company continues to execute on growth plans across its insurance and asset management businesses.
Nassau Financial Group has named Thomas A. Williams Interim Chief Financial Officer while the company searches for a permanent replacement for Diana Piquette, who passed away on July 18, 2022.
Tom served as Nassau’s Chief Financial Officer from 2016 until his retirement in 2020. He has continued to serve on Nassau’s insurance company board.
“Tom is intimately familiar with the role and with our business, so I greatly appreciate his willingness to step in to serve our company at this difficult time,” said Phil Gass, Chairman and Chief Executive Officer.