Deal overview
In a strategic move, Nassau Life Insurance Co. announced that it would acquire Delaware Life Insurance Co. of New York from its parent company, Delaware Life. The sale, announced on Aug 4, 2025, is expected to close in the second half of 2023 hartfordbusiness.com. Both entities are domiciled in New York.
What’s being sold?
Delaware Life Insurance Co. of New York offers fixed annuities, variable annuities, and life insurance products and has about 16,000 policies in force. As of Sept. 30, the company held $1.8 billion in assets. Notably, it has no employees; its business has been managed as part of Delaware Life hartfordbusiness.com. Group 1001 CEO Dan Towriss said the transaction would allow Delaware Life to focus on its core business outside New York.
Nassau’s track record
This isn’t Nassau’s first expansion in the Empire State. In 2020, it acquired Foresters Life Insurance and Annuity Co. from The Independent Order of Foresters, and in 2016, it bought the New York subsidiaries of The Phoenix Companies and Universal American’s non‑core segments, hartfordbusiness.com. Founded in 2015, Nassau has approximately $1.1 billion in total adjusted capital and $20 billion in assets, servicing roughly 400,000 policies.
Why the deal matters
Mergers and acquisitions in the insurance sector can have significant implications:
- Scale and efficiency. Combining operations may reduce administrative costs and improve investment returns, benefiting policyholders in the long run.
- Regulatory approvals. Transactions must receive regulatory consent to ensure policyholders’ rights are protected. The New York State Department of Financial Services will scrutinise the deal’s impact on solvency and consumer interests.
- Product focus. With Delaware Life exiting the New York market, it can concentrate its resources on its core business. Nassau gains a book of annuity and life insurance policies, expanding its footprint.
What policyholders should do
- Stay informed. If you hold a policy with Delaware Life of New York, watch for official communications about the transfer. Regulators require insurers to notify policyholders of material changes.
- Review your contract. Ensure you understand your policy’s terms—particularly provisions on guarantees, fees, and surrender charges.
- Check ratings. Monitor credit ratings for both insurers. Ratings agencies may adjust their outlooks based on the merged entity’s capital position.
- Speak with your advisor. A financial advisor can help you assess whether the acquisition affects your retirement or estate‑planning strategy.
Pro tip: Keep copies of all policy documents in a secure place, and update your beneficiary information regularly to ensure your wishes are honored.
