18 April 2017Insurance

Fidelity & Guaranty Life terminates merger agreement with Anbang

Des Moines-based Fidelity & Guaranty Life (FGL) said that it terminated its merger agreement with China’s Anbang Insurance Group and that the company's board of directors has received interest from a number of alternative parties.

"We have determined that it is no longer in the best interests of FGL's shareholders to continue to pursue the transaction with Anbang," said Chris Littlefield, president and CEO of FGL.

"Our business remains strong, we continue to focus on delivering on our plan for the year and our distribution partners and employees continue to be committed to our success. FGL is an attractive platform and we are well positioned to realize value for our shareholders as our Board continues to evaluate strategic alternatives."

FGL offers, through its subsidiaries, fixed annuity and life insurance products distributed by independent agents through a network of independent marketing organisations.

The company was not permitted to enter into a definitive agreement with a third party while the merger agreement with Anbangwas in effect, but as a result of its termination, FGL may enter into an alternative transaction, according to a statement. FGL's board of directors has received interest from a number of parties, the company noted.

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More on this story

Insurance
25 May 2017   The boards of CF Corporation and Fidelity & Guaranty Life (FGL) approved a definitive merger agreement under which CF Corp. will acquire FGL for a total of approximately $1.84 billion, plus the assumption of $405 million of existing debt.
Insurance
8 May 2017   China's insurance regulator has barred Anbang Life Insurance from applying to issue new products for three months, the latest move in an industry-wide crackdown, Reuters reported May 5.