Business insurance

AM Best comments on the credit ratings of the insurance subsidiaries of Nassau Financial Group, LP following the announcement of the acquisition of Delaware Life Insurance Company of New York

OLDWICK, NJ–()–AM Best stated that the credit ratings (ratings) of The Nassau Companies of New York, Inc. and its insurance subsidiaries, Nassau Life Insurance Company (New York, NY), Nassau Life and Annuity Company (Hartford, CT) and Nassau Life Insurance Company of Kansas (Overland Park, KS) (collectively referred to as the Nassau Insurance Group [Nassau]), remain unchanged following the November 18, 2022 announcement that Nassau will acquire Delaware Life Insurance Company of New York (DLNY), a wholly owned subsidiary of Group 1001 Holdings, LLC. 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.

This transaction follows several others carried out by Nassau in the previous two years and is in line with its current growth strategy of acquiring blocks of small to medium-sized life/annuity businesses, while continuing to increase sales. of annuities. AM Best notes that while there may be some impact on risk-adjusted capital, Nassau should remain well capitalized and the acquisition will be accretive to earnings. AM Best expects Nassau to maintain its current business strategy of growing its platform by providing digital financial services in the insurance, reinsurance and asset management segments.

The transaction is expected to be finalized in the second half of 2023 after regulatory approval. After the transaction, Nassau will oversee approximately $20 billion in assets under management.

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