Fidelity & Guaranty Life Insurance Company (Fidelity & Guaranty Life) announced that it is redomesticating from Maryland to Iowa effective November 1, 2013. This past week the company received approvals from the Iowa Insurance Division and Maryland Insurance Administration to move forward with the redomestication and the company's board adopted new articles to complete the redomestication.
"We believe Des Moines will be an ideal location for Fidelity & Guaranty Life to grow and pursue its business goals into the future," said Lee Launer, the company’s CEO. "Iowa is attractive to us because it has a deep insurance talent pool, a sophisticated regulatory approach to indexed products, and strong business climate. It also has a good quality of life for those of our employees who are based in Iowa."
Phil Gass, Chairman of FGL added, "After much consideration, we believe that relocating our headquarters to Iowa will better position FGL to accelerate its growth plans across the middle market. Serving our current and future policyholders and supporting the needs of our distribution partners remains our top priority."
Fidelity & Guaranty Life said it has designated Des Moines as the location of its principal executive offices and that it intends to house at least 50 employees in its new Des Moines offices within three years. The company will initially lease space in the Hub Center in downtown Des Moines and is exploring options for more permanent space at other downtown locations. Fidelity & Guaranty Life added that it intends to maintain its current Baltimore, Maryland and Lincoln, Nebraska locations but will move some positions to Iowa and focus future growth on its new offices in Des Moines.
The company expressed appreciation to the Iowa Insurance Division and Maryland Insurance Administration for cooperation in facilitating the redomestication.