Nassau Financial Group, which specialises in insurance, reinsurance, distribution and asset management, has raked in $100m from Wilton Reassurance Company (Wilton Re) and private equity firm Stone Point Credit.
Headquartered in Connecticut, Wilton Re offers life insurance, reinsurance, and risk capital services. The firm focuses on the acquisition of blocks of in-force life insurance and annuities.
Stone Point is based in San Francisco. The firm has previously backed several financial services firms such as Aperio Group, Angel Island Capital Management, Pluribus Labs, Makena Capital Management, Williston Financial Group and Green Street Advisors.
The funding has been made via the issuance of a new series of non-cumulative perpetual preferred equity.
There is the also the provision of raising the financing “significantly” to facilitate the growth of the firm.
Connecticut-based Nassau plans to utilise the fresh infusion to carry out its organic growth in insurance and asset management.
The firm also plans to use the funding for strategic acquisitions.
Established in 2015, Nassau has combined assets of $26.9bn, capital of $1.1bn, and annual sales of around $600m.
The firm was founded with capital provided by private investment firm Golden Gate Capital, which will continue to be a majority controlling shareholder.
Over the past year, it has snapped up Foresters Life Insurance and Annuity Company and launched a UK-based investment management business. It also developed additional direct-to-consumer and mobile applications for core annuity over the past year.
Over the same period, Nassau also expanded the reach of its insurtech incubator Nassau Re/Imagine, which facilitates startups in life insurance, annuity and reinsurance sectors.