DES MOINES, Iowa, Sept. 21, 2021 /PRNewswire/ -- F&G, part of
the FNF family of companies and a leading provider of annuities and
life insurance, recently announced its second funding agreement
backed note (FABN) with a $1.15
billion issuance by F&G Global Funding (FGGF), an
unaffiliated Delaware
trust.
This issuance has propelled sales from F&G's new
institutional channel to over $2
billion including an FABN issuance in the second quarter and
recent pension risk transfer (PRT) transactions.
"The significant and rapid growth into 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. Already we are seeing
these new lines of business contribute a sizeable portion of
F&G's sales which complements our rapidly growing retail
business. We expect forward momentum as the team's deep
institutional market experience continues to deliver relevant
solutions."
With this second FABN issuance, there are now over 80 investors
in FGGF's platform. FGGF's primary assets are funding
agreements issued by Fidelity & Guaranty Life Insurance Company
and reported as deposit-type contracts. The notes from FGGF
carry ratings of A- (Stable outlook) from S&P and Fitch which
are in line with Fidelity & Guaranty Life Insurance Company's
financial strength ratings.
"The FABN market continues to be attractive, and F&G's
highly aligned business strategy provides a material contribution
to our spread lending platform," said Matt
Trosper, VP, New Markets at F&G. "We've attracted
a strong group of sophisticated institutional investors which
includes a high level of repeat investors from our June issuance.
We look forward to carrying this momentum into 2022."
During the third quarter, F&G has also closed multiple PRT
transactions representing $375
million in pension obligations and over 11,000 participants
who will receive their lifetime pension payments from F&G.
"Throughout the past year, F&G has assembled a best-in-class
team to support the PRT needs of pension sponsors, participants,
fiduciaries and consultants," said Jay
Dinunzio, VP, PRT Business Development at F&G. "We
are excited to enter the competitive and growing PRT marketplace
and continue our work to acquire, prudently manage and service
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 source and manage appropriate, high-quality
assets that are well matched to F&G's liabilities.
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 marketing name for Fidelity & Guaranty Life
Insurance Company issuing insurance in the United States outside of New York. Life insurance and annuities issued
by Fidelity & Guaranty Life Insurance Company, Des Moines, IA.
Media Contact:
Karen Pevenstein
Karen.Pevenstein@fglife.com
617.312.3922
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fg-surpasses-2-billion-in-institutional-markets-in-first-year-301381351.html
SOURCE Fidelity & Guaranty Life; Fidelity National
Financial, Inc.