Angbang Insurance Group buys US insurer Fidelity for $1.6bn

Anbang Insurance Group has announced it will buy US annuities and life insurance firm Fidelity and & Guaranty Life for around US$1.6 billion, South China Morning Post reported, citing a statement from the company. Reorient Group managing director Brett McGonegal that said while their purchase of Fidelity & Guaranty Life was inside their core competency, Anbang could experience problems with its other purchases in South Korea and the United States. “They’ve been on kind of a spending spree, buying hotels and stuff like that… I think they’re going to really need to perform at a high level to make all these acquisitions work properly,” he said.