AM Best has commented that the credit ratings of the Nassau Companies of New York, Inc, and its subsidiaries Nassau Life Insurance Company (New York), Nassau Life and Annuity Company (Hartford, CT) and Nassau Life Insurance Company of Kansas “remain unchanged” following the acquisition of Delaware Life Insurance Company of New York.
Delaware Life Insurance Company of New York (DLNY) is a wholly owned subsidiary of Group 1001 Holdings, LLC. DLNY, and provides fixed annuities, variable annuities and life insurance products.
The four Nassau subsidiaries are collectively referred to as the Nassau Insurance Group.
AM Best says, the DLNY acquisition follows several others made by Nassau over recent years and is in line with their current growth strategy of acquiring small to midsized life or annuity blocks of business, while continuing to grow annuity sales.
The ratings company adds that while there may be some impact to risk-adjusted capital, Nassau should remain “well-capitalised” and the acquisition will be “accretive to earnings”.
AM Best expects Nassau to maintain its current business strategy of growing its platform by providing digitally enabled financial services across insurance, reinsurance and asset management segments.
