Nassau Financial to Acquire Foresters' U.S. Life Business

[Northeast Agent]

Nassau Financial to Acquire Foresters' U.S. Life Business | ThinkAdvisor

Nassau Financial Group L.P. of Hartford, Connecticut, today announced that it has agreed to acquire Foresters Financial Holding Company Inc. of New York and Foresters Life Insurance and Annuity Company from the Independent of Foresters.

 

[UncappedIULforYou]

Nassau Financial to Acquire Foresters' U.S. Life Business | ThinkAdvisor

Nassau Financial Group L.P. of Hartford, Connecticut, today announced that it has agreed to acquire Foresters Financial Holding Company Inc. of New York and Foresters Life Insurance and Annuity Company from the Independent of Foresters.

Sheryl Moore posted about this on LinkedIn about an hour ago.

What do we think?

 

[goillini52]

Nassau Financial to Acquire Foresters' U.S. Life Business | ThinkAdvisor

Nassau Financial Group L.P. of Hartford, Connecticut, today announced that it has agreed to acquire Foresters Financial Holding Company Inc. of New York and Foresters Life Insurance and Annuity Company from the Independent of Foresters.

Will that include the FE?

Nassau will probably be coming out with a Med Supp next, since they own Constitution Life and Pyramid. Almost forgot about them.

 

[FEX Quotes]

I wonder how this affects fraternal status of existing contracts.

 

[DHK]

AM Best Downgrades Credit Ratings of Foresters Life Insurance and Annuity Company; Places Credit Ratings Under Review With Negative Implications

Ratings went down from A+ to A-.

 

[Newby]

I wonder how this affects fraternal status of existing contracts.

You think they will get buy out offers like Met Life and Prudential did when they demutualized? Or do you think the new company will be a mutual company?

 

[Danimal]

I am interpreting this news to mean that Foresters is spinning off its captive offices (branded/captive asset management) and continuing unchanged with US Life products distributed via Foresters Financial and IOF through the IMO/broker channel. Sound right?

 

[CasualT]

The unit they selling does not include their Foresters Financial IOF business. Foresters Life and Annuity was a separate company. While running fully underwritten Foresters Your Term policies you have specify Foresters IOF otherwise the paramed would send the vitals to Foresters Life and Annuity.

 

[FEX Quotes]

You think they will get buy out offers like Met Life and Prudential did when they demutualized? Or do you think the new company will be a mutual company?

Not sure how mutualization even figures into the discussion?

 

[Newby]

Not sure how mutualization even figures into the discussion?

Fraternals are mutuals. The certificate owners own the company. I was asking if you think they are going to demutualize? Which would mean they have to pay the certificate holders like Met Life did.