Anbang enters US market with $1.57b FGL purchase

The deal will make the Chinese private company one of the largest insurers by market share in fixed indexed annuity products in the US.

Beijing-based Anbang Insurance has agreed to buy US insurer Fidelity Guaranty Life FGL for $1.57 billion the companies said on Monday, making Anbang one of the largest insurers by market share in fixed indexed annuity products in the US.

Privately held Anbang will acquire all of the outstanding shares of FGL. Stockholders of FGL will receive $26.80 per share in cash at closing.

While Anbang has been acquiring assets in other sectors, buying New York’s Waldorf Astoria Hotel for $1.95 billion, the deal marks Anbang's first purchase of a US insurer.

The transaction represents a 28.9% premium over ...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222