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Life Health > Annuities

Nassau Financial Acquires Delaware Life of New York

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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.

The History

Sun Life, a Toronto-based life insurer, formed Sun Life of New York in 1983. The company is authorized to write business in Rhode Island as well as New York.

Sun Life Insurance and Annuity Company of New York had about $3.5 billion in assets at the end of 2012, according to a New York state examination report posted in 2014. The company was especially active in the variable annuity market, and individual annuities accounted for 68% of its 2011 premiums.

Executives with ties to Guggenheim Partners launched Group 1001 in 2009 to invest in insurers hit hard by the 2007-2009 Great Recession.

Group 1001 acquired Sun Life of New York in 2013, after agreeing to provide extra solvency safeguards requested by the New York state regulators.

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