Life insurance company Fidelity & Guaranty Life sets terms for $176 million IPO
Fidelity & Guaranty Life, a life insurance provider
targeting middle-income Americans, announced terms for its IPO on
Tuesday. The Baltimore, MD-based company plans to raise $176
million by offering 9.8 million shares at a price range of $17 to
$19. At the midpoint of the proposed range, Fidelity &
Guaranty Life would command a market value of $1.0 billion.
Fidelity & Guaranty Life, which was founded in 1959 and booked $1.3 billion in sales for the fiscal year ended September 30, 2013, plans to list on the NYSE under the symbol FGL. Credit Suisse, J.P. Morgan, Jefferies, Macquarie Capital and RBC Capital Markets are the joint bookrunners on the deal.