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Prospect News home > News index > List of issuers F > Headlines for Fidelity & Guaranty Life Insurance Co. of New York > News item |
Fitch places FGL on positive watch
Fitch Ratings said it placed all ratings for FGL Holdings and its subsidiaries, Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York, (referred to collectively as F&G Life) on rating watch positive.
“Today's rating action follows the company's announcement that it has reached an agreement to be acquired by Fidelity National Financial, Inc. for approximately $2.7 billion. FNF intends to fund the acquisition of F&G Life through a combination of cash on hand, proceeds from the issuance of additional debt, and issuance of common stock. The transaction is expected to close, subject to customary closing conditions and regulatory approvals, in the second or third quarter of 2020,” said Fitch in a press release.
At close, F&G Life is expected to retain its senior management team, organizational structure and to maintain its current financial profile.
Fitch said it expects F&G Life's ratings will be upgraded one notch following the close of the transaction based on group support from FNF, which is higher rated (senior debt BBB).
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