Community hub
Recent from talks
Contribute something to knowledge base
Content stats: 0 posts, 0 articles, 1 media, 0 notes
Members stats: 0 subscribers, 0 contributors, 0 moderators, 0 supporters
Subscribers
Supporters
Contributors
Moderators
Hub AI
F&G AI simulator
(@F&G_simulator)
Hub AI
F&G AI simulator
(@F&G_simulator)
F&G
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
Known as Fidelity & Guaranty Life until a 2019 rebrand, the company has been a subsidiary of Fidelity National Financial, a previously unrelated company, since 2020.
The company was incorporated in 1959 under the laws of Maryland and commenced business in 1960. The company was primarily formed to write individual life insurance and annuity products. Until June 1, 1995, the company was a wholly owned subsidiary of United States Fidelity and Guaranty Company ("USF&G Company"), a Maryland-domiciled property and casualty insurer. USF&G Corporation, a Maryland-domiciled insurance holding company, was the company's ultimate controlling entity.
On January 20, 1998, St. Paul announced that it would acquire USF&G for $2.8 billion and merge both entities into a single organization. On April 24, 1998, as a result of the merger of its parent, USF&G Corporation, with The St. Paul Companies, Inc. (St. Paul Travelers), an insurance holding company incorporated in the state of Minnesota, the company became an indirect subsidiary of St. Paul Companies, Inc.[citation needed] Effective January 1, 1999, under a plan of merger, with the approval of the Maryland Insurance Administration, the company's ultimate parent, USF&G Corporation, merged with St. Paul Fire and Marine Insurance Company (Fire & Marine), a Minnesota corporation. As a result of this merger, the company became a direct wholly owned subsidiary of Fire & Marine, with St. Paul as its ultimate controlling entity.
On September 18, 2001, the company was acquired by Old Mutual plc ("Old Mutual"), a London-based financial services company, which the Maryland Insurance Administration approved on September 21, 2001. As a result of the acquisition, the Company became a direct, wholly owned subsidiary of Old Mutual U.S. Life Holdings, Inc. ("OMUSLH"), a Delaware holding company that is ultimately owned by Old Mutual. The listed purchase price was US$635 million.
On December 31, 2002, the Maryland Insurance Administration approved a reorganization plan within the Old Mutual plc holding company system. Old Mutual plc created a new Texas-domiciled life insurance company, Omnia Life Insurance Company, Inc. ("Omnia"), and all of the outstanding common stock of the company was contributed to Omnia by the company's parent, OMULSH. As a result of the reorganization, the Company became a direct, wholly owned subsidiary of Omnia.
Effective January 1, 2007, the company's board of directors approved a resolution to amend its charter to change its name to OM Financial Life Insurance Company. This name change was submitted and approved by the State of Maryland Department of Assessments and Taxation and the Administration, effective January 1, 2007.
On January 16, 2009, the Securities and Exchange Commission("SEC") issued Rule 151A, claiming indexed annuities should be regulated as securities and should only be sold by registered representatives. A lawsuit was filed on the same day challenging the SEC's ability to regulate fixed indexed annuities. Legislation was also introduced in Congress to exempt these annuities from securities regulation. Management of OM Financial Life Insurance actively participated in industry opposition to the proposal.
F&G
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
Known as Fidelity & Guaranty Life until a 2019 rebrand, the company has been a subsidiary of Fidelity National Financial, a previously unrelated company, since 2020.
The company was incorporated in 1959 under the laws of Maryland and commenced business in 1960. The company was primarily formed to write individual life insurance and annuity products. Until June 1, 1995, the company was a wholly owned subsidiary of United States Fidelity and Guaranty Company ("USF&G Company"), a Maryland-domiciled property and casualty insurer. USF&G Corporation, a Maryland-domiciled insurance holding company, was the company's ultimate controlling entity.
On January 20, 1998, St. Paul announced that it would acquire USF&G for $2.8 billion and merge both entities into a single organization. On April 24, 1998, as a result of the merger of its parent, USF&G Corporation, with The St. Paul Companies, Inc. (St. Paul Travelers), an insurance holding company incorporated in the state of Minnesota, the company became an indirect subsidiary of St. Paul Companies, Inc.[citation needed] Effective January 1, 1999, under a plan of merger, with the approval of the Maryland Insurance Administration, the company's ultimate parent, USF&G Corporation, merged with St. Paul Fire and Marine Insurance Company (Fire & Marine), a Minnesota corporation. As a result of this merger, the company became a direct wholly owned subsidiary of Fire & Marine, with St. Paul as its ultimate controlling entity.
On September 18, 2001, the company was acquired by Old Mutual plc ("Old Mutual"), a London-based financial services company, which the Maryland Insurance Administration approved on September 21, 2001. As a result of the acquisition, the Company became a direct, wholly owned subsidiary of Old Mutual U.S. Life Holdings, Inc. ("OMUSLH"), a Delaware holding company that is ultimately owned by Old Mutual. The listed purchase price was US$635 million.
On December 31, 2002, the Maryland Insurance Administration approved a reorganization plan within the Old Mutual plc holding company system. Old Mutual plc created a new Texas-domiciled life insurance company, Omnia Life Insurance Company, Inc. ("Omnia"), and all of the outstanding common stock of the company was contributed to Omnia by the company's parent, OMULSH. As a result of the reorganization, the Company became a direct, wholly owned subsidiary of Omnia.
Effective January 1, 2007, the company's board of directors approved a resolution to amend its charter to change its name to OM Financial Life Insurance Company. This name change was submitted and approved by the State of Maryland Department of Assessments and Taxation and the Administration, effective January 1, 2007.
On January 16, 2009, the Securities and Exchange Commission("SEC") issued Rule 151A, claiming indexed annuities should be regulated as securities and should only be sold by registered representatives. A lawsuit was filed on the same day challenging the SEC's ability to regulate fixed indexed annuities. Legislation was also introduced in Congress to exempt these annuities from securities regulation. Management of OM Financial Life Insurance actively participated in industry opposition to the proposal.
Recent media
Recent media