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April 07, 2015 at 07:01 AM
(Bloomberg) — Fidelity & Guaranty Life, the insurer that was previously controlled by hedge-fund manager Philip Falcone, surged the most since 2013 after HRG Group Inc. said it was weighing a sale of the company.
FGL rallied 9.3 percent to $22.72 at 9:51 a.m. in New York trading, giving it a market capitalization of more than $1.3 billion. HRG climbed 2.5 percent.
HRG, which was known as Harbinger Group Inc. when it was led by Falcone, said Monday that it was considering the divestiture of its entire 81 percent stake in Des Moines, Iowa- based FGL, or a portion of the holding.
