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Dividend Payment to Harbinger Subsidiary Clears Hurdle

By Warren S. Hersch

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The Maryland Insurance Administration has okayed a $20 million dividend payment to a wholly owned subsidiary of Harbinger Group Inc., according the company.

The subsidiary, Fidelity & Guaranty Life (FLG) Insurance Company, New York, received the $20 million payment on September 30, Harbinger has disclosed.

FGL received communications from the Maryland and Vermont Insurance Administrations permitting the previously announced reinsurance transaction with Wilton Reassurance Company which the Company expects will close during the fourth calendar quarter of 2011.  

As previously reported, Harbinger completed its acquisition of FGL on April 6, 2011 for $350 million and recorded a $134.6 million gain on the acquisition of FGL in its third fiscal quarter.