American life insurer Fidelity & Guaranty (F&G) has purchased a 30% ownership stake in Freedom Equity Group (FEG) for an undisclosed sum.
FEG is a life independent marketing organisation (IMO), which has been a partner of F&G for several years.
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Through the deal, F&G seeks to enhance its distribution capacity in a bid to improve its middle-market indexed universal life (IUL) sales.
Additionally, F&G aims to expand its life insurance business to reach multi-cultural segments in the US through this deal.
F&G chief distribution officer John Phelps said: “F&G has a long history with FEG, and they have been an integral part of our life growth in recent years.
“This partnership will help address the risk and retirement needs of a vastly underserved market reaching more communities while creating additional opportunities for individuals to build their businesses as agents.”
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By GlobalDataThe acquisition of equity stake is part of F&G’s overall diversification strategy.
FEG chairman Ron Bloomingkemper said: “F&G has been a key contributor to our success, and we are excited to join forces with this exciting partnership.
“Teaming up with F&G solidifies the greatness of the opportunity and gives the FEG organization enormous potential to grow in our industry today.”
F&G is part of the Fidelity National Financial (FNF) group of companies and is considered to be a key provider of life insurance and annuities.
In December 2020, FNF sold F&G Reinsurance (F&G Re) to Aspida Holdings for an undisclosed sum.
