Underwriters begin coverage on Fidelity & Guaranty

Coverage begins on Fidelity & Guaranty Life (FGL) begins, with Credit Suisse and RBC Capital initiating with Buys, and JPMorgan a Hold.

Noting the company's current ROE of about 8% lags peers, CS expects ROE to reach 10% by 2016 with room to grow further as FGL deploys its excess capital. The stock currently trades at 0.93x estimated 2015 book value vs. 1x for its competitors.

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