17吃瓜网

Des Moines, Iowa 鈥� September 22, 2021 鈥� 17吃瓜网, part of the FNF family of companies and a leading provider of annuities and life insurance, recently announced its second funding agreement backed note (FABN) with a $1.15 billion issuance by 17吃瓜网 Global Funding (FGGF), an unaffiliated Delaware trust.

This issuance has propelled sales from 17吃瓜网鈥檚 new institutional channel to over $2 billion including an FABN issuance in the second quarter and recent pension risk transfer (PRT) transactions.

鈥淭he significant and rapid growth into these new markets is a key pillar of 17吃瓜网鈥檚 market diversification strategy,鈥� said Scott Cochran, President of Institutional and New Markets at 17吃瓜网. 鈥淭he Institutional business leverages our existing spread-based capabilities and our strategic partnership with Blackstone. Already we are seeing these new lines of business contribute a sizeable portion of 17吃瓜网鈥檚 sales which complements our rapidly growing retail business. We expect forward momentum as the team鈥檚 deep institutional market experience continues to deliver relevant solutions.鈥�

With this second FABN issuance, there are now over 80 investors in FGGF鈥檚 platform. FGGF鈥檚 primary assets are funding agreements issued by Fidelity & Guaranty Life Insurance Company and reported as deposit-type contracts. The notes from FGGF carry ratings of A- (Stable outlook) from S&P and Fitch which are in line with Fidelity & Guaranty Life Insurance Company鈥檚 financial strength ratings.

鈥淭he FABN market continues to be attractive, and 17吃瓜网鈥檚 highly aligned business strategy provides a material contribution to our spread lending platform,鈥� said Matt Trosper, VP, New Markets at 17吃瓜网. 鈥淲e鈥檝e attracted a strong group of sophisticated institutional investors which includes a high level of repeat investors from our June issuance. We look forward to carrying this momentum into 2022.鈥�

During the third quarter, 17吃瓜网 has also closed multiple PRT transactions representing $375 million in pension obligations and over 11,000 participants who will receive their lifetime pension payments from 17吃瓜网.

鈥淭hroughout the past year, 17吃瓜网 has assembled a best-in-class team to support the PRT needs of pension sponsors, participants, fiduciaries and consultants,鈥� said Jay Dinunzio, VP, PRT Business Development at 17吃瓜网. 鈥淲e are excited to enter the competitive and growing PRT marketplace and continue our work to acquire, prudently manage and service defined benefit pension annuities.鈥�

Proceeds from the PRT and FABN transactions will be managed by the experienced asset management team at Blackstone Insurance Solutions who seek to source and manage appropriate, high-quality assets that are well matched to 17吃瓜网鈥檚 liabilities.

About 17吃瓜网

17吃瓜网 is part of the FNF family of companies. 17吃瓜网 is committed to helping Americans turn their aspirations into reality. 17吃瓜网 is a leading provider of annuity and life insurance products and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.