Nassau Life Insurance Company, a subsidiary of Nassau Financial Group LP, has bought Delaware Life Insurance Company of New York, from Delaware Life Insurance Company, a Group 1001 company.
DLNY is a provider of fixed annuities, variable annuities and life insurance products with approximately 16,000 policies in force and $1.5 billion in assets as of March 31. NNY and DLNY are New York life insurance companies. Nassau plans to merge DLNY into NNY. The company does not have employees, and its business was managed as part of Delaware Life.
“As Nassau’s fourth insurance acquisition, the closing of this transaction marks yet another milestone as we continue to expand our New York presence,” says Phil Gass, chief executive officer of Nassau.
Sidley Austin LLP served as legal advisor to Nassau, and Willkie Farr & Gallagher LLP served as legal advisor to Delaware Life.