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.

Today’s top stories

Japan sees single-digit rate reductions in April renewals

Swiss Re sets up Asia headquarters in Singapore

Cincinnati Insurance hit by $106m cat loss in Q1

Pioneer appoints vice president for special risk division

Pro Global hires from Crawford to boost German business

Grinnell Mutual launches national reinsurance programme

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.