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China’s Anbang withdraws application to buy US insurer Fidelity & Guaranty Life

IBR Staff Writer Published 02 June 2016

China-based Anbang Insurance Group has taken back its application for $1.57bn acquisition of the US-based Fidelity & Guaranty Life (FGL).

Anbang

Anbang has failed to provide necessary information requested by the New York state's financial services regulator to process the deal, reported Reuters.

The company can resubmit its application, if it provides the required information to the regulator.

Fidelity said that it is still working with the insurance regulator to receive approval and plans to refile an application shortly.

Last November, Anbang Insurance signed an agreement to acquire FGL by paying $26.80 per share.

FGL provides professional and advanced life insurance and annuity products in the US.

This year, Anbang also set back in a $14bn acquisition of Starwood Hotels & Resorts.

With around 30 million customers, Anbang provides banking, life insurance, property and casualty insurance, health insurance, pensions, securities, financial leasing and asset management services in Belgium, Netherlands and South Korea, in addition to China.


Image: Fidelity & Guaranty Life offers life insurance and annuity products in the US. Photo: courtesy of David Castillo Dominici/ FreeDigitalPhotos.net.