OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York (New York, NY) (collectively referred to as Fidelity & Guaranty Life Group) remain unchanged following the recent announcement that Fidelity National Financial, Inc. (FNF) plans to dividend to its shareholders, on a pro-rata basis, 15% of the common stock of its wholly owned subsidiary, F&G Annuities & Life, Inc., (a holding company for Fidelity & Guaranty Life Group) in order to enhance and more fully recognize the overall market value for FNF shareholders and allow them to invest directly in Fidelity & Guaranty Life Group. The partial spinoff is intended to be structured as a taxable dividend to FNF shareholders and is targeted to be completed in the third quarter of 2022.
AM Best notes that there are no expected changes in strategy, operations or management at FNF or Fidelity & Guaranty Life Group. In addition, AM Best believes that Fidelity & Guaranty Life Group will continue to benefit from the financial resources and diversification benefits provided by FNF as demonstrated by the conversion of its $400 million intercompany loan to Fidelity & Guaranty Life Group into equity prior to the distribution.
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