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Nassau Financial Group LP — a company that likes the U.S. life and annuity markets — now has $100 million in extra cash that it can use to support and expand its existing business, and to buy other businesses.
The Hartford, Connecticut-based insurer announced Tuesday that it has received a $100 million investment from Wilton Reassurance Company and Stone Point Credit.
(Related: Nassau Completes Acquisition of Foresters' U.S. Variable Annuity and Variable Life Operations)
"Nassau intends to use the new capital to execute on its organic growth plans across its insurance and asset management businesses as well as to support strategic acquisitions," the company said in the deal announcement.
Wilton Re and Stone Point made the investment by buying a new series of perpetual preferred shares.
Golden Gate Capital, the investment firm that has been Nassau Financial's controlling shareholder, continues to control Nassau Financial, the firm says.
Nassau Financial is best known as the company that acquired The Phoenix Companies Inc., a major life insurer that ran into problems during the 2007-2009 Great Recession.
In July, Nassau Financial closed on a deal to acquire Foresters' U.S. life and annuity businesses.
