FGL ditches US$1.6b deal with Anbang

Shanghai

US annuities and life insurer Fidelity & Guaranty Life (FGL) said on Tuesday that it has terminated its agreement to be acquired by Anbang Insurance Group Co Ltd, becoming the latest deal involving the Chinese insurer to have fallen through in recent years.

Reuters reported earlier that Anbang would let its agreement to acquire FGL for US$1.6 billion lapse after failing to secure all necessary regulatory approvals.