profile-image Shefi Ben-Hutta Editor, Coverager

FGL & Anbang; simply wasn’t in the stars

“We have determined that it is no longer in the best interests of FGL’s shareholders to continue to pursue the transaction with Anbang” – Fidelity & Guaranty Life president and CEO Chris Littlefield. Recall: earlier this year the life and annuities insurer extended the deadline for its $1.6 billion sale to China’s Anbang Insurance Group, and negotiated the right to accept other offers. The delay was meant to give Anbang more time to win the needed approval for the deal from US state regulators, after Anbang withdrew its application for regulatory approval last year. Bottom Line: not happening.