Devotion and Guaranty Life Insurance Company gives annuities and life coverage to more than 700,000 policyholders over the United States. The organization was established in 1959 and is situated in Des Moines, Iowa. It was an entirely claimed backup of Harbinger Group before an incomplete first sale of stock in 2013. In November 2015, Fidelity was sold to protection firm Anbang Insurance for an expense of around $1.57 billion.The organization was fused in 1959 under the laws of Maryland and started business in 1960. The organization was essentially shaped to compose singular disaster protection and annuity items.
Until June 1, 1995, the organization was a completely possessed auxiliary of United States Fidelity and Guaranty Company ("USF&G Company"), a Maryland-domiciled property and setback back up plan. USF&G Corporation, a Maryland-domiciled protection holding organization, was the organization's definitive controlling element.
Powerful June 1, 1995, with the endorsement of the Maryland Insurance Administration, USF&G Company announced a profit payable to USF&G Corporation comprising of the greater part of the issued and remarkable capital load of the organization. Accordingly, the organization turned into a direct, completely claimed backup of USF&G Corporation. In 1996, then-CEO Norman Blake openly talked about the likelihood of offering the life coverage organization as a feature of plan to develop the global operations of the property and loss business. By 1997, Blake told shareholders that few extensive bearers had drawn closer administration to buy the whole organization.
On January 20, 1998, St. Paul declared that it would obtain USF&G for $2.8 billion and consolidate both elements into a solitary organization. On April 24, 1998, as an aftereffect of the merger of its guardian, USF&G Corporation, with The St. Paul Companies, Inc. (St. Paul Travelers), a protection holding organization consolidated in the condition of Minnesota, the organization turned into an aberrant backup of St. Paul Companies, Inc. Viable January 1, 1999, under an arrangement of merger, with the endorsement of the Maryland Insurance Administration, the organization's definitive guardian, USF&G Corporation, converged with St. Paul Fire and Marine Insurance Company (Fire and Marine), a Minnesota partnership. As a consequence of this merger, the organization turned into a direct entirely possessed auxiliary of Fire and Marine with St. Paul as its definitive controlling substance.
On September 18, 2001, the Company was procured by Old Mutual plc ("Old Mutual"), a London based budgetary administrations organization, which was endorsed by the Maryland Insurance Administration on September 21, 2001. As an aftereffect of the obtaining, the Company turned into a direct, entirely claimed auxiliary of Old Mutual U.S. Life Holdings, Inc. ("OMUSLH"), a Delaware holding organization which is eventually claimed by Old Mutual. The recorded price tag was $635 million USD. On December 31, 2002, the Maryland Insurance Administration endorsed a rearrangement arrangement inside of the Old Mutual plc holding organization framework. Old Mutual plc made another Texas-domiciled extra security organization, Omnia Life Insurance Company, Inc., ("Omnia"), and the greater part of the exceptional basic load of the Company was added to Omnia by the Company's guardian, OMULSH. As a consequence of the revamping, the Company turned into a direct, completely claimed backup of Omnia.
Successful January 1, 2007, the organization's top managerial staff affirmed a determination to alter the organization's sanction to change its name to OM Financial Life Insurance Company. This name change was submitted and affirmed by the State of Maryland Department of Assessments and Taxation and the Administration, compelling January 1, 2007. On January 16, 2009, the Securities and Exchange Commission("SEC") issued Rule 151A asserting ordered annuities ought to be managed as securities and ought to just be sold by enrolled representatives. A claim was documented around the same time testing the SEC's capacity to direct settled filed annuities. Enactment was additionally acquainted in Congress with absolved these annuities from securities regulation. Administration of OM Financial Life Insurance effectively took part in industry resistance to the proposal.[10] On July 13, 2010, The Court of Appeals for the D.C. Circuit abandoned Rule 151A. On July 21, 2010, President Obama marked HR 4173 (Dodd-Frank Wall Street Reform and Consumer Protection Act) which contained a very late revision by Senator ("Harkin Amendment") which exempted altered record annuities from regulation by the SEC and left these items to be controlled by the state protection offices.
In mid 2010, reports surfaced that Old Mutual had put the U.S. protection operations for sale. On April 6, 2011, Old Mutual reported the fulfillment of offer of its life and annuity business to the Harbinger Group. Harbinger communicated its goal to utilize income from the organization to store future acquisitions for the conglomerate. Harbinger delegated Lee Launer, a previous senior official of MetLife to run the organization as CEO. Around then, "OM Financial Life Insurance Company" changed its name back to "Constancy and Guaranty Life Insurance Company". In August, 2013, Fidelity and Guaranty Life documented Form S-1 with the U.S. Securities and Exchange Commission communicating its goal to finish a beginning open value offering. The organization as of now composes different sorts of altered annuities and disaster protection items. As of now, the biggest product offering is altered filed annuity (FIA). In date-book year 2012, FIAs created around 95% of aggregate deals. See Annuity (US budgetary items) and Indexed annuity for depiction of these items. The organization's National Association of Insurance Commissioners (NAIC) number is 63274.
In 2013, the organization reported a move of its central command to Des Moines, Iowa, refering to a lower expense of business and a longing to work under a comparable controller as adversary companies. The organization propelled a first sale of stock in late 2013 In October, 2014, the organization contracted Chris Littlefield, previous CEO of Aviva USA, as President of the company. The organization accordingly selected him CEO in April, 2014.Business Approaches are offered in each state and the District of Columbia; be that as it may, in New York, items are offered through a completely claimed backup, Fidelity and Guaranty Life Insurance Company of New York.
In 2012, most of the organization's immediate premiums and annuity thought business was composed in the conditions of California (13.15%), Georgia (10.89%), Texas (8.81%), Florida (8.74%), Pennsylvania (6.07%), Michigan (5.62%), Arizona (5.41%), New Jersey (3.91%), Ohio (3.45%), Illinois (3.36%), North Carolina (3.03%), Missouri (1.97%), Tennessee (1.85%), Wisconsin (1.77%), and Indiana (1.61%). Complete works of $2,199,063,661 from these 15 states represent 79.6% of the aggregate direct premiums and annuity thought business composed amid 2012. The organization concentrates on the offer of individual extra security items and annuities, which incorporate conceded annuities (altered recorded and settled rate annuities) and quick annuities essentially sold through free protection showcasing associations (IMOs) that thusly speak to autonomous specialists. The significant classes of direct premiums and annuity contemplations composed amid 2012 were singular annuities (78.5%) and all inclusive life coverage (21.4%).
From a statutory reporting point of view, the aggregate balanced statutory capital of Fidelity and Guaranty Life Insurance Company was $949 million and $870 million at December 31, 2012 and December 31, 2011, individually. Loyalty and Guaranty Life had statutory net pay of $102 million and statutory net wage of $110 million for the years finished December 31, 2012 and December 31, 2011, separately. As of December 31, 2012, the organization had more than $85 billion of protection in power with over $16 billion in resources . The organization is a completely possessed backup of the venture firm Harbinger Group.
A.M. Best rates the organization and its auxiliaries in the 'Great' class of B++; Fitch Ratings keeps up a BBB rating; and Moody's Investors Service holds the organization at a Ba1 (sufficient) position, and Standard and Poor's rates the organization at BBB-.
Corporate
FGL has under 200 direct representatives, depending for the most part on free specialists.
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