Hartford, Connecticut-based Nassau Re, an insurance company, has secured $200 million from Golden Gate Capital. The capital infusion will be used for growth for the company’s fixed annuity and life insurance businesses.
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Re has secured an additional $200 million of committed equity capital from its existing sponsor, Golden Gate Capital, to support its accelerated growth plans for the company’s fixed annuity and life insurance businesses.
Nassau Re recently initiated a rebranding of its core insurance subsidiaries into a single Nassau brand. With a strengthened and unified brand in the marketplace, Nassau Re is better positioned to expand its suite of insurance products and execute on increased sales in partnership with select independent marketing organizations, as well as its direct-to-consumer online business.
“The return to growth, beginning with the rebranding of our core insurance companies is an exciting new chapter for Nassau Re and Phoenix. Over this past year, we have successfully completed the transformation and integration of our insurance companies while laying the foundation for stable, long-term growth. Looking ahead, we will continue providing our suite of competitive products while working closely with our distribution partners to develop new and innovative insurance products to meet our clients’ needs,” said Phillip J. Gass, Chief Executive Officer of Nassau Re. “The additional growth capital we have successfully raised will ensure seamless execution of our exciting growth initiatives for 2019 and beyond.”
The rebrand is the latest step in integrating and unifying Nassau Re’s businesses, which cover other insurance products as well as reinsurance, distribution and asset management segments. Nassau Re acquired The Phoenix Companies, Inc., Constitution Life Insurance Company, and their respective affiliates in 2016.
The rebranded companies are as follows:
Phoenix Life and Annuity Company is now Nassau Life and Annuity Company
Phoenix Life Insurance Company is now Nassau Life Insurance Company
The Phoenix Companies, Inc. is now The Nassau Companies of New York
Constitution Life Insurance Company will be Nassau Life Insurance Company of Texas
Pyramid Life Insurance Company will be Nassau Life Insurance Company of Kansas
Nassau Life and Annuity Company will be the new flagship company for growth across the U.S., with products offered in New York through Nassau Life Insurance Company. Nassau Re’s multi-year guaranteed annuity is the first product to be issued by the rebranded insurance companies and the first product it has launched in the New York market since 2009.
In 2019, Nassau Re will begin offering its fixed indexed annuities and life insurance products through Nassau Life and Annuity Company.
The 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E208), issued by The Phoenix Companies, Inc. (now named The Nassau Companies of New York), will continue to trade over the counter under the symbol PNX3814338.
About Nassau Re
Nassau Re’s mission is to build a franchise across the insurance value chain. With extensive experience as owner-operators of numerous insurance and financial services businesses, we believe we have a competitive advantage in building a unique platform over the long term.
Nassau Re, based in Hartford, CT, currently has combined assets of approximately $20 billion and capital of approximately $1.3 billion. Our business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates including Nassau Life and Annuity Company, Constitution Life Insurance Company, Saybrus Partners, Nassau Asset Management Company, Nassau CorAmerica and Nassau Corporate Credit.
Nassau Re was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm with over $15 billion of committed capital. For more information, visit www.nsre.com.