Falcone's Fidelity & Guaranty higher after IPO

Fidelity & Guaranty Life (FGL) is at $18.50 in early trades after pricing its 9.7M share IPO at $17 each (expected range was $17-$19).

The insurer is controlled by Philip Falcone's Harbinger Group (HRG +2.7%), but Falcone himself is banned from being an officer or director after a settlement with the SEC. The company is run by former MetLife exec Lee Launer.

Falcone bought the company from Old Mutual Plc for about $350M in 2011 in a bet he could do a better job managing the insurer's portfolio.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs