FGL Holdings, the parent company of Des Moines-based Fidelity & Guaranty Life, announced Wednesday it has replaced President and CEO Christopher Littlefield, who had led the company since 2014. FGL appointed Christopher Blunt, most recently senior managing director and CEO of Blackstone Insurance Solutions, as its new president and CEO. 

The company also announced it has hired Jonathan Bayer for the newly created role of head of corporate development and strategy. Bayer joins Fidelity & Guaranty from RBC Capital Markets, where he was managing director and head of U.S. insurance investment banking. 

Just over a year ago, FGL Holdings came under new ownership with the completion of a $1.84 billion acquisition by an investment group led by William Foley Jr., chairman of title insurance giant Fidelity National Financial, and Chinh Chu, a former partner of private equity company Blackstone Group LP, one of the world’s leading investment firms, which includes Blackstone Insurance Solutions. 

FGL now has more than $25 billion in assets, with more than 400,000 policyholders of its annuity and life insurance products. 

The leadership changes are part of a number of actions “designed to enhance shareholder value,” the company said in a news release, including a new $150 million share repurchase program, a 1-cent quarterly dividend and a $15 million cost reduction program.

“These initiatives exemplify our commitment to deliver shareholder value and execute on our strategic priorities to accelerate growth, enhance return on equity and maximize earnings,” said Chu, co-executive chairman of FGL Holdings. “On behalf of the board, I thank Mr. Littlefield for his leadership and dedication to the company and we wish him well in his future endeavors. Since joining in 2014, Mr. Littlefield has led F&G through an important transition, and we are well-positioned for future growth.”

Prior to Blackstone Insurance, Blunt worked in a variety of senior leadership positions during the nearly 13 years he spent with New York Life, including president of New York Life’s $500 billion Investment Group and previously co-president of the insurance and agency group, which included the company’s U.S. life operations.

Fidelity & Guaranty has more than 150 employees who work in downtown Des Moines. Overall, the company has more than 300 workers.