JACKSONVILLE, Fla. and DES MOINES, Iowa, Dec. 18, 2020 /PRNewswire/ — Fidelity Countrywide Fiscal, Inc. (“FNF”) (NYSE: FNF) and F&G, a primary provider of annuities and life insurance plan, announced today the finished sale of F&G Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd. (“Aspida”), an oblique subsidiary of Ares Administration Company (NYSE: ARES). Proceeds from the sale of F&G Re will be made use of for general company needs, including funding progress chances at F&G. Economic phrases of the offer ended up not disclosed, and the transaction is envisioned to have no product effects to FNF’s GAAP financial final results. As earlier introduced, F&G and Aspida (by using F&G Re) will enter into a move reinsurance arrangement with respect to F&G’s MYGA goods on a coinsurance fund withheld foundation subsequent to the closing of the transaction.
RBC Funds Markets served as money advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as lawful advisor to F&G in link with this transaction.
About Fidelity Countrywide Economical, Inc.
Fidelity Countrywide Economic, Inc. (NYSE: FNF) is a main provider of title insurance coverage and transaction solutions to the serious estate and property finance loan industries. FNF is the nation’s largest title insurance policy organization via its title insurance underwriters – Fidelity Nationwide Title, Chicago Title, Commonwealth Land Title, Alamo Title and Countrywide Title of New York – that collectively challenge a lot more title insurance plan insurance policies than any other title company in the United States. More information and facts about FNF can be uncovered at fnf.com.
F&G is aspect of the FNF family of firms. F&G is fully commited to assisting People in america switch their aspirations into fact. F&G is a major supplier of annuity and daily life insurance coverage goods and is headquartered in Des Moines, Iowa. For much more facts, you should visit www.fglife.com.
“Safe and sound Harbor” Assertion Beneath the Non-public Securities Litigation Reform Act of 1995: This push launch has, and sure oral statements created by our representatives from time to time might contain, forward-hunting statements relating to F&G and FNF, such as statements relating to the Transaction and linked issues. Such statements are subject matter to challenges and uncertainties, lots of of which are further than the command of FNF that could lead to genuine final results, functions and developments to vary materially from all those established forth in, or implied by, these statements. These statements are primarily based on the beliefs and assumptions of the administration of FNF. Forward-looking statements are usually identifiable by use of the terms “believes,” “expects,” “intends,” “anticipates,” “designs,” “seeks,” “estimates,” “assignments,” “may perhaps,” “will,” “could,” “could,” or “proceeds” or related expressions. Factors that could bring about real final results, occasions and developments to differ include, with out limitation: (1) improvements in common economic, small business and political circumstances, which includes improvements in the money markets (2) the result of any lawful proceedings that could be instituted versus F&G or FNF as a end result of FNF’s just lately-concluded acquisition of FGL Holdings (the “FGL Mergers”) (3) the hazard that the Transaction disrupts present-day programs and functions of F&G or FNF as a final result of the closing thereof (4) the ability to realize the anticipated rewards of the FGL Mergers, which may well be afflicted by, between other matters, level of competition, the capacity of the administration of FNF to expand and deal with the mixed business enterprise profitably and to keep important personnel, which include all those seasoned with integration initiatives (5) costs incurred in link with the FGL Mergers (6) the probability of financial impairments as a result of the acquisition accounting in relationship with the FGL Mergers (7) modifications in applicable guidelines or polices (8) the possibility that FNF might be adversely afflicted by other economic, organization, and/or aggressive elements, as very well as the effect on the business, functions, benefits of functions and trading costs of the shares of FNF arising out of the COVID-19 outbreak (9) the chance that the companies will not be built-in correctly, that this kind of integration could be much more tricky, time-consuming or high priced than expected or that the expected gains of the acquisition will not be recognized (10) the severity of FNF’s title insurance policy claims (11) a downgrade of FNF’s credit ranking by score organizations (12) adverse variations in the amount of authentic estate exercise, which could be induced by, between other factors, superior or expanding curiosity fees, a constrained supply of home loan funding, elevated property finance loan defaults, or a weak U.S. economy (13) our business enterprise concentration in the States of California, Texas, Florida, New Jersey and Arizona (14) our likely incapability to come across acceptable acquisition candidates (15) our dependence on distributions from our title insurance coverage underwriters as our major resource of hard cash circulation (16) opposition from other title insurance policy firms (17) fascination rate fluctuations (18) fairness sector volatility (19) credit rating challenges of our counterparties, which includes corporations with whom we have reinsurance agreements or have acquired connect with choices and (20) other risks and uncertainties recognized in FNF’s filings with the U.S. Securities and Trade Commission. FNF cautions audience not to location undue reliance upon any ahead-seeking statements, which converse only as of the date created. FNF does not undertake or settle for any obligation or endeavor to launch any updates or revisions to any forward-seeking statements to mirror any improve in its expectations or any adjust in gatherings, conditions or instances on which any these kinds of assertion is primarily based, subject matter to relevant regulation. The facts contained in any internet site referenced herein is not, and shall not be deemed to be, part of or included into this press launch.
All forward-searching statements explained herein are experienced by these cautionary statements and there can be no assurance that the precise effects, gatherings or developments referenced herein will take place or be understood. FNF does not undertake any obligation to update or revise forward-searching statements to replicate transformed assumptions, the prevalence of unanticipated occasions or changes to upcoming operating outcomes, other than as essential by law.