Leucadia’s Steinberg Named Chairman of Ex-Falcone Insurer

Leucadia National Corp. Chairman Joseph Steinberg was named to lead the board of insurer Fidelity & Guaranty Life, extending his influence at businesses formerly controlled by hedge fund manager Philip Falcone.

Steinberg replaces Phillip Gass as chairman of the insurer, Des Moines, Iowa-based FGL said Friday in a regulatory filing. Kostas Cheliotis has also stepped down as a director, the insurer said.

Leucadia, which owns investment bank Jefferies Group, has been increasing its stake and influence at HRG Group Inc., which is the parent of FGL, and was previously called Harbinger Group Inc. Steinberg was named in November to replace Falcone as Harbinger Group chairman, and Omar Asali was later appointed to take over as chief executive officer.

“Mr. Gass and Mr. Cheliotis resigned their positions to pursue other endeavors and not as a result of any disagreement with the company,” FGL said in the filing.

Asali has been on the insurer’s board since 2011, and FGL said Friday that he was appointed as chairman of the compensation committee.

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