June 1, 2016 / 4:10 AM / 4 years ago

New York regulator says Anbang pulls Fidelity acquisition application

WASHINGTON (Reuters) - China’s Anbang Insurance Group has withdrawn its application for its planned acquisition of Fidelity & Guaranty Life after failing to provide information requested for processing the deal, New York state’s financial services regulator said on Tuesday.

Anbang will be able to resubmit its application if it provides the necessary information, the statement said.

Privately owned Anbang agreed to buy U.S. annuities and life insurer Fidelity in November last year for $1.57 billion.

Fidelity said in a statement earlier on Tuesday that Anbang was still working with the insurance regulator to secure regulatory approval and it expects to refile an application in the near future.

A person familiar with the matter told Reuters that New York regulators had sought more detailed information about Anbang’s funding and shareholder structure. The person spoke on condition of anonymity because details of the review have not been made public.

Anbang could not be reached for immediate comment.

Anbang has walked away from some deals previously. This year it dropped a planned $14 billion bid for Starwood Hotels & Resorts..

Fidelity shares fell 3.3 percent on Tuesday.

Reporting by Suzanne Barlyn in WASHINGTON; Writing by Denny Thomas; Editing by Stephen Coates and Edwina Gibbs

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