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FGL Holdings names CEO, announces $150M share buyback program

FGL Holdings has appointed Christopher Blunt president and CEO, succeeding Christopher Littlefield.

Since January, Blunt has served as a senior managing director and CEO of Blackstone Insurance Solutions.

The company has also named Jonathan Bayer head of corporate development and strategy. In this role, Bayer will direct the company's mergers and acquisitions as well as corporate strategy. Previously, Bayer was at RBC Capital Markets, where he was managing director and head of U.S. insurance investment banking.

FGL's board has authorized a share repurchase program of up to $150 million of the company's outstanding common stock. The program will expire Dec. 15, 2020, and may be modified at any time. The board has also approved the implementation of a quarterly cash dividend of 1 cent per common share, beginning in the first quarter of fiscal year 2019.

Following a strategic review FGL has also announced a cost reduction program that is expected to generate about $15 million of annualized expense savings once completed. Part of the savings will be reinvested in strategic growth initiatives in 2019, including new capabilities and resources to enter the independent broker/dealer and bank channels.