Nassau Reinsurance Group has formed as an insurance and reinsurance platform backed by Golden Gate Capital, according to a statement.
The San Francisco-based private equity firm is committing over $750 million in capital to the new business, which will be led by insurance industry executives Phillip J. Gass and Kostas Cheliotis.
“[The] anouncement reflects our firm's commitment to supporting a robust insurance platform,” Golden Gate managing director Rob Little said in a statement. “We are confident that Nassau Reinsurance will grow and flourish under Phil and Gus' strong leadership.”
The release says, since the investment firm has no time horizons, it can make long-term investments without liquidity constraints. There is an intent to grow the business, which will focus on life, annuity and long-term care sectors.
Gass joins Nassau after serving as chairman and director of Fidelity & Guaranty Life and managing director of HRG Group Inc. Cheliotis served as director and chairman of the Fidelity & Guaranty Life compensation committee and as HRG's senior vice president and deputy general counsel.
Golden Gate manages over $12 billion of capital and invests in sectors such as going-privates, corporate divestitures and recapitalisation
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