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Toronto-based Foresters Financial is selling Foresters Financial Holding Company, Inc. and its New York-domiciled subsidiary Foresters Life Insurance and Annuity Company (FLIAC) to Nassau Life Insurance Company, also based in New York.

In a release issued Thursday, Foresters said the transaction marks the final stage in its strategy to exit its North American asset management business, which began earlier this year with the sale of some of its U.S. asset management and broker dealer businesses.

Foresters Financial Holding Company, formerly known as First Investors, includes a registered broker-dealer, two investment advisers, a life insurance company and a transfer agent.

Foresters said the sale solidifies its strategy to focus on fixed life insurance in North America.  

The transaction is subject to regulatory approval by the New York State Department of Financial Services. It is expected to close in the first quarter 2020.