Anbang drops bid for Fidelity Guaranty & Life

China’s acquisition-hungry conglomerate Anbang is scrapping its $1.6 billion bid to buy U.S. insurance firm Fidelity Guaranty & Life, people familiar with the matter told the New York Post.

The year-and-a-half deal faced struggles from New York regulators.

Insiders say Athene, an insurer owned by buyout firm Apollo Management, is among likely new suitors for Fidelity Guaranty & Life.

Read more from the New York Post.