Nassau Life Insurance Co. has agreed to acquire Delaware Life Insurance Co. of New York from Delaware Life Insurance Co.
The deal was announced by Nassau Life Insurance’s owner, Hartford-based Nassau Financial Group, on Friday. Both life insurance companies are domiciled in New York.
The sale is expected to close in the second half of 2023.
Dan Towriss, CEO and president of Group 1001, the parent company of Delaware Life, said the transaction will allow Delaware Life to focus on its core business outside of New York.
Delaware Life Insurance Co. of New York provides fixed annuities, variable annuities and life insurance products with 16,000 policies in force and about $1.8 billion in assets as of Sept. 30. The company does not have employees, and its business has been managed as part of Delaware Life.
In recent years, Nassau acquired three other New York life insurers. In 2020, Nassau acquired Foresters Life Insurance and Annuity Co. from The Independent Order of Foresters, and in 2016, Nassau acquired the New York subsidiaries of The Phoenix Cos. and Universal American’s non-core segments.
Nassau was founded in 2015 and has roughly $1.1 billion in total adjusted capital, $20 billion in assets, and 400,000 policies as of Sept. 30.Â
