Foresters Financial has finalized its sale of Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC), its New York-based variable life and annuity business, to Nassau Financial Group, L.P.
FLIAC was acquired by Foresters in 2011 with its entry into the asset management business through the purchase of First Investors. The sale represents Foresters exit of the First Investors businesses, following the 2019 sale of its asset manager and broker-dealer to Macquarie Group and Cetera Financial Group, respectively.
Now focuses on fixed life insurance
Consistent with the growth of the organization, the July 1 transaction marks the culmination of Foresters strategy to focus on fixed life insurance in the U.S. and Canada. Through independent agents, Foresters offers a suite of insurance products and complimentary benefits aligned with Foresters’ fraternal purpose of helping others.
To date, Foresters fraternal life insurance business has been growing behind an expanding product suite of term, universal and whole life insurance products in Canada and the United States. Sales through May 2020 of these insurance products have increased five per cent over 2019.
Takes advantage of being a fraternal organization
"Our strategy focuses on optimizing our strengths as a modern fraternal life insurance carrier,” said Jim Boyle, Foresters Financial president and CEO. “With the divestitures over the past year, our energies are fully devoted to driving the growth of our fixed life insurance business and taking advantage of being a purpose-driven fraternal organization. This includes creating innovative life insurance products and offering member benefits that enrich the lives of our members, their families and their communities."
Member benefits include competitive academic scholarships, orphan benefits and complimentary access to on-line wills and other important documents. They also include opportunities for members to give back to their communities through local market activities such as playground builds and community involvement grants.
