CF Corporation has wrapped up the previously announced acquisition of Fidelity & Guaranty Life (FGL) less than two days after Iowa’s insurance commissioner gave go ahead to the deal.
CF Corp acquired FGL for $31.10 per share in cash, or a total of approximately $1.83bbn, as well as assumed $405m existing debt.
Upon completion of the acquisition, CF Corp has been re-branded itself as FGL Holdings and has started trading on the New York Stock Exchange under the ticker symbol ‘FG’.
The FGL Holdings companies include Fidelity & Guaranty Life Insurance Company, an Iowa-domiciled company offering annuities and life insurance products, Fidelity & Guaranty Life Insurance Company of New York, a New York domiciled company offering annuities and life insurance products, F&G Re Ltd, a Bermuda-based reinsurer, and Front Street Re, a Cayman-based reinsurer.
Chinh Chu and William Foley, II, co-founders of CF Corp, will continue to serve as co-executive chairmen. Christopher Littlefield, president and CEO of the newly named FGL Holdings, is continuing to lead the management team.
Chu said: “We are pleased to complete this important transaction and are excited about the future of FGL Holdings. We look forward to working closely with Chris and the rest of the management team to provide industry-leading retirement savings and life insurance products to policyholders and drive value for our shareholders as FGL Holdings enters its next phase of growth.”