NU Online News Service, Sept. 28, 11:32 a.m. – Old Mutual P.L.C., London, a major competitor in the South African and British insurance markets, today completed the purchase of Fidelity and Guaranty Life Insurance Company, Baltimore, a life insurance, annuity and structured settlements company.
The move is part of Old Mutual's effort to become a significant player in the U.S. life insurance and fixed annuity markets.
Old Mutual purchased F&G Life from its parent company, the St. Paul Companies Inc., St. Paul, Minn., for $335 million in cash and $300 million in common shares.