CF Corp.’s acquisition of Fidelity & Guaranty receives state approval
Iowa Insurance Commissioner Doug Ommen has approved the $1.84 billion acquisition of Des Moines-based Fidelity & Guaranty Life by CF Corp. The acquiring company, based in the Cayman Islands, was formed by two veteran financiers, Chinh Chu and William Foley II, specifically to purchase the insurance company. In an order dated Nov. 28, Fidelity & Guaranty agreed not to pay out any shareholder dividends before Nov. 28, 2020, without the prior approval of the insurance commissioner, and to seek prior approval from the commissioner for any new proposed agreements or investments related to the company. Fidelity & Guaranty, which moved its headquarters to Des Moines four years ago, plans to stay in Des Moines and continue under the present management team led by CEO Chris Littlefield. The deal is expected to close soon.