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Oct. 2, 2015, 4:56 AM
- China' Anbang Insurance Group is the favorite to win an auction to acquire Des Moines company Fidelity & Guaranty Life (NYSE: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.
Fidelity and Guaranty Life is engaged in selling of individual life insurance products and annuities through independent agents, managing general agents, and specialty brokerage firms and in selected institutional markets.
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