Anbang Withdraws N.Y. Approval Request For FGL Deal, But Will Refile

(RTTNews) - The U.S. life insurer Fidelity & Guaranty Life (FGL) said in a regulatory filing that Beijing-based Anbang Insurance Group Co. on May 27 had withdrawn its application with New York's Department of Financial Services for approval of Anbang's pending acquisition of Fidelity & Guaranty Life, after discussion with the regulators.

FGL is currently trading at $23.71, down $0.86 or 3.50 percent.

Anbang has notified the Company that it plans to refile its insurance regulatory change of control application with respect to the Merger with the New York Department of Financial Services following the withdrawal of such application.

The withdrawal of the NY Application was made without prejudice to Anbang's ability to refile the NY Application and after discussion with the New York Department of Financial Services.

The Company expects that Anbang and its subsidiaries will refile the NY Application in the near future. Anbang also continues to work with the Iowa Insurance Division to secure regulatory approval for the Merger.

In November 2015, Anbang Insurance Group Co., Ltd. and Fidelity & Guaranty Life entered into a definitive merger agreement for Anbang to acquire FGL for $26.80 per share.