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DES MOINES, Iowa, September 21, 2021 / PRNewswire / – F&G, a member of the FNF family of companies and a leading provider of annuities and life insurance, recently announced its second Financing Agreement Note (FABN) with a $ 1.15 billion issued by F&G Global Funding (FGGF), an unaffiliated company Delaware confidence.
This show propelled sales of F&G’s new institutional channel to more than $ 2 billion including a second quarter FABN issue and recent pension risk transfer (PRT) transactions.
“The significant and rapid growth in these new markets is a key pillar of F & G’s market diversification strategy,” said Scott Cochran, President of Institutional and New Markets at F&G. “The Institutional business leverages our existing spread-based capabilities and our strategic partnership with Blackstone. We are already seeing that these new business lines contribute a significant portion of F&G sales which complement our rapidly growing retail business. institutional market experience continues to provide relevant solutions. “
With this second FABN issue, there are now more than 80 investors on the FGGF platform. The main assets of FGGF are financing agreements issued by Fidelity & Guaranty Life Insurance Company and presented as deposit type contracts. FGGF’s ratings are rated A- (stable outlook) by S&P and Fitch, which is consistent with the financial strength ratings of Fidelity & Guaranty Life Insurance Company.
“The FABN market remains attractive, and F & G’s highly aligned business strategy makes an important contribution to our spread lending platform,†said Matt trosper, Vice-President, New Markets at F&G. “We have attracted a strong group of sophisticated institutional investors that includes a high level of repeat investors since our June issue. We look forward to building on this momentum in 2022.”
During the third quarter, F&G also concluded several PRT transactions representing $ 375 million in pension bonds and over 11,000 members who will receive their lifetime pension payments from F&G.
“Over the past year, F&G has assembled a world-class team to meet the ERP needs of pension plan sponsors, plan members, trustees and consultants,†said Jay dinunzio, vice-president, PRT business development at F&G. “We are delighted to enter the competitive and growing PRT market and continue our work to acquire, prudently manage and deliver defined benefit pension annuities. ”
Proceeds from the PRT and FABN transactions will be managed by the experienced asset management team at Blackstone Insurance Solutions who seek to find and manage suitable, high quality assets that match F&G liabilities well.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of annuity and life insurance products and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
“F&G” is the trade name of Fidelity & Guaranty Life Insurance Company issuing insurance in United States apart from new York. Life insurance and annuities issued by Fidelity & Guaranty Life Insurance Company, Des Moines, IA.
Media contact:
Karen Pevenstein
[email protected]
617.312.3922
SOURCE Loyalty & Lifetime Guarantee; Fidelity National Financial, Inc.
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