Nassau Life Insurance expands portfolio with acquisition of DLNY

Nassau Financial Group confirmed that its subsidiary, Nassau Life Insurance Company (NNY), has finalized its acquisition of Delaware Life Insurance Company of New York (DLNY) from parent company Delaware Life Insurance Company, which is part of the Group 1001 portfolio.

As part of the agreement, DLNY, a provider of fixed and variable annuities as well as life insurance products, will be merged into NNY. With approximately 16,000 policies in place and $1.6 billion in assets as of the end of the first quarter of 2023, DLNY’s operations were previously managed as a part of Delaware Life.

Dan Towriss — Group 1001 CEO and President said: “We have worked closely with Nassau Financial Group to ensure a smooth transition for our policyholders.

“Our highest priority has been to ensure that this change is as seamless as possible.”

Nassau, located in Hartford, Connecticut, operates as a growth-oriented, digitally advanced financial services firm with three main businesses: insurance, reinsurance, and asset management. Founded in 2015, the company has, post-acquisition, approximately $24 billion in assets, $1.3 billion in total adjusted capital, and 400,000 policyholders as of March 31, 2023.

Group 1001 is a technology-based financial services company, with combined assets under management amounting to approximately $60.1 billion as of March 31, 2023. The group consists of several brands including Delaware Life, Clear Spring Health, Gainbridge, Clear Spring Property and Casualty Group, and Clear Spring Life.