Nassau Financial Group to Acquire Delaware Life Insurance Company of New York

HARTFORD, Conn.–()–Nassau Financial Group, LP (“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”) of 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 obtaining regulatory approvals.

“As the fourth insurance acquisition by Nassau, this transaction marks another step in our growth plans to expand our insurance business in New York. We appreciate the opportunity to work closely with Delaware Life, providing seamless execution in support of their strategic objectives,” said Phil Gass, CEO of Nassau. “With our similar lines of business and widely recognized top-notch service, we are ready to welcome DLNY policyholders to Nassau.”

“Our teams have worked diligently on this acquisition to ensure a smooth transition,” said Dan Towriss, CEO and President of Group 1001, the parent company of Delaware Life. “This transaction will allow Delaware Life to focus on its core business outside of New York.”

DLNY is a provider of fixed annuities, variable annuities and life insurance products with 16,000 policies in force and approximately $1.8 billion in assets as of September 30, 2022. The company has no employees and its activities were managed within the framework of Delaware. Life.

The DLNY transaction follows three previous acquisitions of New York life insurers by Nassau. In 2020 Nassau acquired Foresters Life Insurance and Annuity Company from The Independent Order of Foresters, and in 2016 Nassau acquired the New York subsidiaries of The Phoenix Companies and non-core segments of Universal American.

Sidley Austin LLP served as counsel to Nassau and Willkie Farr & Gallagher LLP served as counsel to Delaware Life.

About Nassau Financial Group

Based in Hartford, Connecticut, Nassau Financial Group is a growth-oriented financial services company with three distinct and closely related businesses: insurance, reinsurance and asset management. Nassau was founded in 2015 and has approximately $1.1 billion in total adjusted capital, $20 billion in assets and 400,000 policies as of September 30, 2022. For more information, visit nfg.com.

About Group 1001

Group 1001 Insurance Holdings, LLC (“Group 1001”) is a technology-driven financial services company whose mission is to empower customers, employees and communities by making innovative products accessible to everyone. Group 1001 strives to demystify how insurance and annuity products are purchased today by leveraging technology to provide intuitive financial solutions to all Americans. As part of its mission, Groupe 1001 invests in strategic partnerships to connect and transform communities through education and sport. As of September 30, 2022, The 1001 Group had combined assets under management of approximately $58 billion and includes the following brands: Delaware Life, Gainbridge, Clear Spring Health, Clear Spring Insurance and Clear Spring Life. For more information on Group 1001, visit group1001.com. For more information about Delaware Life, visit delawarelife.com.

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