Delaware Life Insurance Company of New York to be acquired by Nassau Financial
Nassau Financial Group, through its subsidiary Nassau Life Insurance Company (NNY), will acquire Delaware Life Insurance Company of New York (DLNY) from Delaware Life Insurance Company, for an undisclosed price.
Both Nassau Life Insurance Company and Delaware Life Insurance Company of New York are life insurance companies domiciled in New York.
Phil Gass — Nassau Financial Group CEO said: “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.
“With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY’s policyholders to Nassau.”
Delaware Life Insurance Company of New York provides fixed annuities, life insurance, and variable annuity products. The company’s business has been managed as part of Delaware Life Insurance Company, which is owned by Group 1001.
Dan Towriss — Group 1001 CEO and President said: “Our teams have been working diligently on this acquisition to ensure a smooth transition.
“This transaction will allow Delaware Life to focus on its core business outside of New York.”
The deal, which is subject to regulatory approvals and other customary conditions, is likely to close in the second half of 2023.