(Image source: mysumrall.com) The investment firm Harbinger Capital Partners LLC will spin-off its insurance unit Fidelity and Guaranty Life in a public offering lead by Credit Suisse Group AG (ADR)(NYSE:CS). The company expects to raise $100 million from the IPO. As of June 30th of the current year, the insurance unit has reported profits of $237 million. The funds from the IPO will be used for expansion and to pay dividends to Harbinger Group Inc. (NYSE:HRG). Philip Falcone operates Harbinger Capital, which has a majority stake in Harbinger Group. The IPO is a preemptive move to realize gains before regulators impose new capitalrequirements for insurance units. A lot of hedge funds and private equity firmsare doing the same thing.