Anbang gets clearance for Fidelity purchase
Mar 16 2016, 05:05 ET | About: Fidelity & Guaranty Life (FGL) | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
China's Anbang Insurance Group, which is looking to acquire hotel operator Starwood, has won U.S. national security approval to buy Fidelity & Guaranty Life (NYSE:FGL).Anbang said in November that it would purchase the annuities and life insurer for about $1.57B as Chinese insurers seek to expand into the U.S.The deal would make Anbang one of the largest insurers by market share in American fixed-indexed annuity products.