Foresters Financial has today announced a deal which completes its strategic exit from the North American asset management business. The Toronto-domiciled firm has reached a definitive agreement to sell Foresters Financial Holding Company, Inc. and its subsidiary Foresters Life Insurance and Annuity Company (FLIAC) – both New York-domiciled life insurance companies – to Nassau Financial Group, L.P. subsidiary, Nassau Life Insurance Company.
The insurer started divesting its North American asset management business earlier this year with the sale of its US and Canadian asset management and broker dealer businesses. President and CEO, Jim Boyle, said this latest transaction is in line with Foresters’ strategy of focusing on fixed life insurance in North America.
Boyle added that Foresters will “continue to grow as a purpose-driven international fraternal benefit society,” while also evolving its business by “focusing on innovation, new product development and independent distribution.”
Founded in 1962, FLIAC is a provider of life insurance and annuity products with 112,000 policyholders throughout the US and $11.9 billion of life insurance in force and $2.5 billion in assets. If approved by the New York State Department of Financial Services, the deal is expected to close in the first few months of 2020.
