Nassau Financial Group, L.P. has officially completed the acquisition of Delaware Life Insurance Company of New York (DLNY) from Delaware Life Insurance Company, a subsidiary of Group 1001. This marks Nassau’s fourth insurance acquisition and reinforces its strategic growth in the New York market.
The company plans to merge DLNY into its existing subsidiary, Nassau Life Insurance Company (NNY), which is also domiciled in New York. This integration will streamline operations and expand Nassau’s portfolio of insurance products and policyholders.
Commitment to Seamless Transition for Policyholders
With the transaction now closed, Nassau is focused on ensuring a smooth transition for DLNY’s approximately 16,000 policyholders. DLNY offers fixed annuities, variable annuities, and life insurance products and held $1.6 billion in assets. The business has operated without direct employees, managed as part of Delaware Life’s broader operations.
Phil Gass, CEO of Nassau, expressed satisfaction with the acquisition, highlighting it as an opportunity to strengthen Nassau’s presence in New York. He also acknowledged the collaboration with Group 1001 and Delaware Life, emphasizing Nassau’s commitment to delivering high-quality service to all policyholders.
Support from Parent Company and Smooth Handover
Dan Towriss, CEO and President of Group 1001, affirmed that ensuring a seamless transition for policyholders was the top priority. He stated that the team has worked closely with Nassau Financial Group to facilitate a smooth handover.
The definitive agreement for the acquisition was originally announced in November 2022, with Nassau’s subsidiary NNY set to acquire DLNY. Legal counsel for Nassau was provided by Sidley Austin LLP, while Willkie Farr & Gallagher LLP advised Delaware Life.
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