Nassau Re

Nassau Financial Group Enters Accumulation Market for Fixed Indexed Annuities and Provides Growth Update

  • Introduces Nassau℠ Growth Annuity, Nassau’s inaugural accumulation fixed indexed annuity

  • Insurtech incubator, Nassau Re/Imagine, now supports 12 start ups in Hartford, CT


Hartford, CT, Oct. 1, 2019
– Nassau Financial Group (“Nassau”) today announced its entry into the accumulation-focused fixed indexed annuity space with its inaugural product, Nassau℠ Growth Annuity. This product introduction marks Nassau’s latest milestone in an active year of growth across its insurance and annuity businesses. In addition, Nassau continues to take a leading role in the Hartford region’s insurance and insurtech industry through its incubator, Nassau Re/Imagine.

“The launch of Nassau Growth Annuity is a significant next step as we focus on growth and innovation. This product enables us to offer a full suite of fixed annuities to the underserved middle market and is a great example of our ability to work closely with our distribution partners to develop new and attractive products. It also builds on other recent product and service enhancements that are contributing to strong sales growth in 2019,” said Phil Gass, Chairman and Chief Executive Officer of Nassau Financial Group.

“In addition, Nassau Re/Imagine has seen significant success since we launched the program earlier this year. We are excited to have taken a leading role in the resurgence of growth across life insurance and insurtech in Hartford. To date, we have attracted 12 insurance-related startups and are excited to continue supporting the growth of these and future insurtech companies,” Gass said.

Nassau Growth Annuity

Nassau Growth Annuity is an all-new accumulation-oriented fixed indexed annuity offered by Nassau. Working closely with its distribution partners, the company designed the annuity to provide consumers with new alternatives to achieve retirement savings objectives, including helping them to secure retirement gains they may have enjoyed to date while offering potential future growth. Nassau Growth Annuity offers several unique indexed accounts that earn interest based on the positive performance of either the S&P 500 Composite Stock Price Index or the Smart Passage SG Index, an exclusive new index sponsored by Société Générale.

To learn more about Nassau Growth Annuity and other Nassau offerings, visit the company’s website. Producers, financial advisors and other distributors can contact the Life and Annuity Sales Desk at 888-794-4447.

Nassau Growth Milestones

The Nassau Growth Annuity launch is one of several major accomplishments for Nassau in 2019. These initiatives, which have contributed to 65% year-over-year growth in life and annuity product sales, include:

  • Rebranding flagship carrier. Nassau is focused on building its brand for consumers and producers and last year began selling product through Nassau Life and Annuity (NLA), its flagship company. All of the company’s annuity and life insurance products are now available through NLA in most states.
  • Continued rating improvements. Fitch Ratings began rating Nassau, marking the company’s first overall corporate rating and an important step in support of future growth plans, and A.M. Best upgraded the ratings for all Nassau insurance subsidiaries.
  • Strengthening existing product portfolio. Nassau recently increased the payout percentages on Nassau℠ Personal Income Annuity income riders as well as reduced premiums on its popular life insurance products: Nassau Safe Harbor Term℠ Express, Nassau Safe Harbor Term℠ and Nassau Remembrance Life℠.
  • Turning service into a brand strength. After two years of soliciting and responding to customer feedback, Nassau is now consistently earning a 5-star rating from Trustpilot, ranking the company among the top tier of all insurers for service.
  • Fostering producer commitment. Nassau launched the Nassau Elite program for producers and now has growing partnerships with top independent producers and distribution organizations who write quality business.

Our Re/Imagine incubator companies with CT Insurance Commissioner, Andrew Mais.

Supporting Insurtech Innovation in Hartford

Earlier this year, Nassau launched Nassau Re/Imagine, an insurtech incubator based in the company’s iconic Boat Building headquarters in Hartford. Nassau Re/Imagine was established to support selected startups focused in the life insurance, annuity and reinsurance industries with complimentary office space, business development services and internal resource support. Nassau Re/Imagine is currently fostering 12 new and innovative insurance-related companies in the city.

About Nassau Financial Group

Nassau’s mission is to build a franchise across the insurance value chain. Based in Hartford, CT, Nassau currently has combined assets of approximately $22.6 billion and capital of approximately $1.3 billion. Our business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates. Nassau 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.

This news release provides a summary of product features and rider options, which may vary by state. Actual product details, including all terms and conditions that apply, are contained in each contract.

Lifetime payments and guarantees are based on the claims paying ability of Nassau Life and Annuity Company. Nassau Personal Income Annuity (ICC19EIAN, 19FIA and 19ISN), Nassau Personal Retirement Choice (19FIA, ICC19EIAN, 19ISB), Nassau Personal Protection Choice (19FIA, ICC19EIAN and 19RN), Nassau MYAnnuity 5X/7X (ICC18IFDAP, ICC18IFDANP), Nassau Safe Harbor Term and Nassau Safe Harbor Term Express (ICC18NPTL, 18NPTL), and Nassau Remembrance Life (ICC18FEWL or 18FEWL) whole life insurance are issued by Nassau Life and Annuity Company (Hartford, CT). Nassau Growth Annuity (19FIA3, ICC19FIA3, 19GLWB3, ICC19GLWB3) is also issued by Nassau Life and Annuity Company and is currently available in most states. Please check with your financial professional for state-specific availability. Nassau Life and Annuity Company is not authorized to conduct business in CA, GA, MA, ME, MN and NY, but that is subject to change. This information is not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be construed as investment advice.

A.M. Best ratings apply to all Nassau insurance subsidiaries: Nassau Life Insurance Company, PHL Variable Insurance Company, Nassau Life and Annuity Company, Nassau Life Insurance Company of Texas and Nassau Life Insurance Company of Kansas. Fitch ratings apply to Nassau Financial Group, Nassau Life and Annuity Company, Nassau Life Insurance Company and Nassau Re (Cayman). A.M. Best rating was assigned on May 1, 2019 and Fitch rating was assigned on August 15, 2019. Ratings are a third-party measure of an insurer’s claims-paying ability. They do not indicate or guarantee any variable annuity or variable universal portfolio’s credit rating or performance.

S&P® and S&P 500® are registered trademarks licensed for use by S&P Dow Jones Indices LLC (“SPDJI”) and sublicensed for certain purposes by Nassau. The products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the represented index(s).

The Smart Passage SG Index (the “Index”) is the exclusive property of SG Americas Securities, LLC (SG Americas Securities, LLC, together with its affiliates, “SG”). SG has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P”) to maintain and calculate the Index. “SG Americas Securities, LLC”, “SGAS”, “Société Générale”, “SG”, “Société Générale Indices”, “SGI”, and “Smart Passage SG Index” (collectively, the “SG Marks”) are trademarks or service marks of SG. SG has licensed use of the Index and the SG Marks to Nassau Life and Annuity Company (“NLA”) for use in a fixed indexed annuity offered by NLA (the “Fixed Indexed Annuity”). SG’s sole contractual relationship with NLA is to license the Index and the SG Marks to NLA.

None of SG, S&P or other third party licensor (collectively, the “Index Parties”) to SG is acting, or has been authorized to act, as an agent of NLA or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Fixed Indexed Annuity or provided investment advice to NLA, and no Index Party makes any representation whatsoever as to the advisability of purchasing, selling or holding any product linked to the Index, including the Fixed Indexed Annuity. No Index Party shall have any liability with respect to the Fixed Indexed Annuity in which an interest crediting option is based on the Index, and is not liable for any loss relating to the Fixed Indexed Annuity, whether arising directly or indirectly from the use of the Index, its methodology, any SG Mark or otherwise. Obligations to make payments under the Fixed Indexed Annuities are solely the obligation of NLA. The selection of the Index as a crediting option under a Fixed Indexed Annuity does not obligate NLA or SG to invest annuity payments in the components of the Index.

In calculating the performance of the Index, SG deducts a maintenance fee of 0.50% per annum on the level of the Index, and fixed transaction and replication costs, each calculated and deducted on a daily basis. Because the Index can experience potential leverage up to 350%, the maintenance fee may be as high as 1.75% per year. The transaction and replication costs cover, among other things, rebalancing and replication costs. The total amount of transaction and replication costs is not predictable and will depend on a number of factors, including the performance of the index underlying the Index, and market conditions, among other factors. These fees and costs will reduce the potential positive change in the Index and increase the potential negative change in the Index.

While the volatility control applied by the Index may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return as compared to products not subject to volatility controls.

Nassau Life and Annuity Company is a subsidiary of Nassau.

# # #

Contact:
Alice S. Ericson
aericson@nsre.com or 860-403-5946

BPD39939

No comments
Anthony LaRosaNassau Financial Group Enters Accumulation Market for Fixed Indexed Annuities and Provides Growth Update
read more

Nassau Alternative Investments Closes Debut Securitization

Hartford, CT, Sept. 9, 2019 – Nassau Re today announced that its subsidiary Nassau Alternative Investments LLC (“NAI”) has closed its inaugural collateralized fund obligation (the “CFO”), Nassau 2019 CFO LLC. The CFO securitization is collateralized by interests in a highly diversified and seasoned pool of over 100 private equity and private debt funds with approximately $375.7 million in net asset value.

“We are pleased with the success of NAI’s inaugural securitization, after launching Nassau Re’s newest asset management franchise earlier this year. Through this transaction, we are able to both derisk our general account balance sheet and accelerate the growth of third-party AUM,” said Phil Gass, Nassau Re’s Chairman and Chief Executive Officer.

No comments
Alice EricsonNassau Alternative Investments Closes Debut Securitization
read more

David E. Czerniecki Joins Nassau Re as Chief Investment Officer

Hartford, CT, Sept. 3, 2019 – Nassau Re today announced that David E. Czerniecki, CFA, has joined the company as Chief Investment Officer. As Chief Investment Officer, Mr. Czerniecki will be responsible for setting investment strategy and overseeing Nassau Re’s investment portfolio. He will report to Phil Gass, Chairman and Chief Executive Officer of Nassau Re.

No comments
Alice EricsonDavid E. Czerniecki Joins Nassau Re as Chief Investment Officer
read more

Fitch Assigns Initial Ratings to Nassau Re

Fitch Ratings has begun to rate Nassau Re, including our first overall corporate rating for Nassau Financial Group and Nassau Re (Cayman) – an important step in support of future growth plans.

Fitch assigned a BB+ Insurer Financial Strength (IFS) rating to Nassau Life Insurance Company, Nassau Life and Annuity Company and Nassau Re (Cayman). In addition, Fitch assigned a B+ Long-Term Issuer Default Rating (IDR) to Nassau Financial Group, The Nassau Companies and The Nassau Companies of New York. All ratings have a Stable outlook.

No comments
Alice EricsonFitch Assigns Initial Ratings to Nassau Re
read more

Nassau Corporate Credit Named Best US Boutique CLO Manager

Nassau Corporate Credit took the award for the Best US Boutique CLO Manager at Creditflux’s 11th Manager Awards. It was among several “new kids on the block” to dominate this year’s awards, which recognized both European and US firms. Nassau Corporate Credit, founded in 2017 as an affiliate of Nassau Re, provides investment advisory services, acts as a collateral manager for collateralized loan obligations (CLOs) and, through its affiliate, Nassau Private Credit, invests in securities issued by CLOs managed by external parties.

No comments
Alice EricsonNassau Corporate Credit Named Best US Boutique CLO Manager
read more