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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 07, 2020 04:22 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of F&G Reinsurance Ltd. (F&G Re) (Bermuda).
The under review status follows the recent announcement that Fidelity National Financial, Inc. (FNF) [NYSE: FNF] and its subsidiary Fidelity & Guaranty Life Insurance Company (F&G), a leading provider of annuities and life insurance, have entered into a definitive agreement to sell F&G Re to Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corporation.
In connection with the transaction, F&G and Aspida (via F&G Re) will enter into a flow reinsurance agreement with respect to F&G’s multi-year guaranteed annuity products on a coinsurance fund withheld basis.
The under review status partially reflects the fact that F&G Re is no longer strategically important to F&G. The ratings will remain under review with developing implications until the close of the transaction and a review by AM Best of the post-transaction details. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions, including regulatory approval.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.