Foresters Financial Services Inc. agreed to sell Foresters Financial Holding Company Inc. and unit Foresters Life Insurance & Annuity Co. to Nassau Financial Group LP, parent company of Nassau Life Insurance Co.

The transaction is expected to close in the first quarter of 2020 and is subject to customary closing conditions including regulatory approval by the New York State Department of Financial Services. The sale will complete Foresters Financial's exit from its North American asset management business.

Oppenheimer & Co. Inc. and TAG Financial Institutional Group LLC acted as the financial adviser to Foresters Financial. Milliman Inc. provided actuarial advice while Debevoise & Plimpton LLP acted as legal adviser.

Goldman Sachs & Co. LLC served as financial adviser and Eversheds Sutherland (US) LLP served as legal adviser to Nassau.