Fidelity & Guaranty Ends Deal With Anbang

BEIJING, April 18, SinoCast -- Fidelity & Guaranty Life, the US annuity and life insurer, has terminated its deal with China Anbang Insurance Group and said it will consider other possible deals.

The board of directors of the company is continuing to evaluate other strategic options to maximize the value of its shareholders and the company has received a lot of interests from multi-parties.

Anbang agreed to acquire HRG Group's Fidelity & Guaranty Life at about USD 1.6 billion in November 2015 to expand its business in the US or USD 26.80 a share. One year later, Fidelity & Guaranty Life extended the deadline for completing the acquisition to this February 8 to set aside more time for Anbang to seek for regulatory approval.

An insider said because Anbang failed to acquire Fidelity & Guaranty Life in the second deadline, the US insurer is seeking the right of other bidders.