Nassau Financial Group is expanding its operations in New York state by acquiring a New York life insurance company subsidiary from Group 1001.
Nassau Life Insurance Company bought Group 1001′s Delaware Life Insurance Company of New York for a price that was not announced.
Nassau Life is based in East Greenbush, New York, and is part of a life insurance and annuity issuer with $24 billion in assets.
Delaware Life of New York — the old Sun Life Insurance and Annuity Company of New York — now has 16,000 policies in force and $1.6 billion in assets. It had no employees of its own, and Group 1001, an Indianapolis-based company with $60 billion in assets, managed its operations.
What It Means
Nassau could use its newly acquired New York state subsidiary to add a life or annuity product line or to make a product now sold only outside of New York available in the state.
