Foresters Monetary at this time pronounces that it has entered right into a definitive settlement with Nassau Monetary Group, subsidiary Nassau Life Insurance coverage Firm, to amass Foresters Monetary Holding Firm, Inc. and its subsidiary Foresters Life Insurance coverage and Annuity Firm.
NNY and FLIAC are New York-domiciled life insurance coverage firms.
The sale marks the ultimate stage of Foresters technique of exiting its North American Asset Administration enterprise, which commenced earlier this yr with the sale of its asset administration and dealer vendor companies.
“Following the sale of our US and Canadian asset administration companies earlier this yr, this transaction is consistent with our technique of specializing in fastened life insurance coverage in North America and persevering with to develop as a purpose-driven worldwide fraternal profit society. We are going to proceed to evolve our enterprise by specializing in innovation, new product growth and impartial distribution to greatest serve our members,” stated Jim Boyle, President and Chief Government Officer, Foresters Monetary.
The transaction is predicted to shut within the first quarter 2020 and is topic to customary closing situations together with regulatory approval by the New York State Division of Monetary Companies.
Based in 1962, FLIAC is a supplier of life insurance coverage and annuity merchandise with 112,000 policyholders all through the US and $11.9 billion of life insurance coverage in power and $2.5 billion in belongings.
Foresters was suggested on this transaction by its monetary advisors, Oppenheimer & Co. Inc. and TAG Monetary Institutional Group, LLC, its authorized advisor, Debevoise & Plimpton LLP, with actuarial recommendation supplied by Milliman, Inc.
About Foresters Monetary
Since 1874, Foresters Monetary has been offering socially accountable monetary providers to people and households. Foresters Monetary contains The Impartial Order of Foresters, the oldest non-denominational fraternal profit society. Foresters is a purpose-driven group that exists to counterpoint household and neighborhood well-being and gives insurance coverage merchandise to over three million members and shoppers in Canada, the US and the U.Okay. For 19 straight years, The Impartial Order of Foresters has acquired an “A” (Glorious) score from A.M. Finest. For extra info please go to foresters.com
About Foresters Monetary Holding Firm, Inc. (previously First Buyers)
Foresters Monetary Holding Firm, Inc. consists of a bunch of diversified monetary providers firms that embrace a registered broker-dealer, two funding advisers, a life insurance coverage firm and a switch agent. Foresters Life Insurance coverage and Annuity Firm, a New York domiciled insurance coverage firm, gives a spread of insurance coverage and annuity merchandise and maintains an “A” (Glorious) score by A.M. Finest.
About Nassau Monetary Group
Nassau’s mission is to construct a franchise throughout the insurance coverage worth chain. Based mostly in Hartford, CT, Nassau Monetary Group at present has mixed belongings of roughly $22.6 billion and capital of roughly $1.three billion. Their enterprise covers 4 segments: insurance coverage, reinsurance, distribution and asset administration by means of numerous associates. Nassau was based in 2015 with capital supplied by Golden Gate Capital, a non-public funding agency with over $15 billion of dedicated capital. For extra info, go to nsre.com.