OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of the key life/health subsidiaries of Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware), collectively referred to as Fidelity & Guaranty Life Group, remain unchanged after the announcement of a definitive agreement for the companies to be acquired by Fidelity National Financial, Inc. (FNF). The Credit Ratings of Fidelity & Guaranty Life Group were affirmed on Nov. 6, 2019.
FNF, which is currently a shareholder of FGLH, is a leading provider of title insurance and transaction services to the real estate and mortgage industries. Fidelity & Guaranty Life Group will continue to operate under its existing structure as a subsidiary of FNF with the management team and all legal entities intact. AM Best expects that Fidelity & Guaranty Life Group may benefit from enhanced financial flexibility and distribution opportunities under its new parent going forward. Total consideration is estimated to be $2.7 billion, funded by a mix of cash and stock, and the transaction is expected to close in the second or third quarter of 2020, pending required regulatory approvals and the satisfaction of other customary closing conditions.
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