FGL Holdings (Fidelity & Guaranty Life)

exited

Insurance — Blackstone (via F&G / Fidelity National)

Deal Terms

Entry Year2017

Entry EV$1.84B

Entry Multiple8x

Leverage4x

Debt Amount$0.74B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)40%

Debt / EV0.40x

Notes

Blackstone-linked investment strategy: buy annuity company, redirect reserves to Blackstone-managed alternative investments. CF Hippolyta and other Blackstone vehicles hold the assets. FNF acquired F&G for $1.84B (2020). PE insurance playbook: capture permanent capital via annuity float.

Sponsor

Blackstone$1270B AUM