- China' Anbang Insurance Group is the favorite to win an auction to acquire Des Moines company Fidelity & Guaranty Life (FGL), Reuters reports.
- Fidelity, whose market cap is $1.5B, is controlled by financial-interests holding company HRG (NYSE:HRG), which said in April that it was exploring a sale of its 80.6% stake in the subsidiary.
- If it buys Fidelity, Anbang would join other Chinese insurers that have entered the U.S. market.