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Fidelity & Guaranty not to be acquired by Anbang

Reuters SHANGHAI (Reuters) — Fidelity & Guaranty Life (FGL), a U.S. annuities and life insurer, said on Tuesday it has terminated its agreement to be acquired by China’s Anbang Insurance group.

Reuters reported earlier that the Chinese insurer would let its agreement to acquire FGL for $1.6 billion lapse after failing to secure all the necessary regulatory approvals.

FGL is looking at alternative strategies and “has received interest from a number of parties,” it said in a news release.

Anbang did not immediately respond to requests for comment.

The development casts new doubt on Anbang’s commitment to U.S. deals, following its abandoned attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc. for $14 billion.

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