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Athene Holding Ltd. to Acquire Aviva’s U.S. Annuity and Life Business

December 21, 2012 This content is categorized as:
Business & Transactions

Athene Holding Ltd., a Bermuda-based insurance holding company ("Athene Holding", and together with its subsidiaries, "Athene"), announced today that it will acquire Aviva plc's U.S. annuity and life operations ("Aviva USA"), including Aviva Life and Annuity Company, based in Iowa, and Aviva Life and Annuity Company of New York. Athene will acquire Aviva USA, which has approximately $56 billion of statutory admitted assets as of September 30, 2012, for a purchase price of $1.55 billion. The transaction is expected to close in 2013, subject to customary conditions and regulatory approvals.

Upon closing, the combination of Aviva USA and Athene Holding's primary U.S operating subsidiary, Athene Annuity & Life Assurance Company, a Delaware-domiciled insurer focused on retail fixed and indexed annuity sales and reinsurance ("Athene Annuity"), will result in the second largest issuer of fixed indexed annuities in the United States.

Aviva USA, to be renamed Athene USA, will be the parent for Athene's U.S operations and will be headquartered in West Des Moines, Iowa. Athene is committed to retaining a substantial employee base in Des Moines as the centerpiece of Athene USA's nationwide operations.

"With this acquisition, Athene is a leader in the fixed annuity space," said James R. Belardi, CEO of Athene. "The purchase of Aviva's U.S annuity business will add significant scale to our retails sales and reinsurance operations and provides Athene with best in class operational capabilities."

Athene was advised by Deutsche Bank Securities Inc., Lazard and Sidley Austin LLP on the transaction.

About Athene Holding Ltd.

Athene Holding is a life insurance holding company focused principally on the retirement market and whose business, through its subsidiaries, is focused primarily on issuing and reinsuring fixed and equity indexed annuities and writing funding agreements and funding agreement-backed notes. Athene Holding's principal subsidiaries are Athene Annuity & Life Assurance Company, a Delaware-domiciled insurance company, Athene Life Insurance Company, a Delaware-domiciled insurance company, and Athene Life Re Ltd., a Bermuda-based reinsurer.

Athene Holding was formed in 2008 by James R. Belardi, formerly President of SunAmerica Life Insurance Company and Chief Investment Officer of AIG Retirement Services, Inc. and Chip Gillis, former head of Bear Stearns' Insurance Solutions Group and was sponsored by an affiliate of Apollo Global Management, LLC (NYSE:APO) to provide solutions to the growing need for tax efficient savings vehicles to support retiring baby boomers. The product offered by Athene Holding, through its subsidiaries, include:

  • Retail fixed and equity indexed annuity products
  • Institutional products, such as funding agreements
  • Co-insurance and reinsurance arrangements with third party life insurance and annuity providers

Further information about our companies can be found at www.athene.com

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The institutional channel includes reinsurance and group annuity contracts related to pension group annuities.
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Annuities contain features, exclusions, limitations and availability that may vary by state and/or sales distributor. For a full explanation of an annuity, please refer to the Certificate of Disclosure or Prospectus (as applicable) and contact your financial professional or the company for costs and complete details. This material is a general description intended for general public use. 

Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, and Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware, in all states (except New York), and in D.C. and PR. Annuity contracts and group annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York state. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Insurance products may not be available in all states. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Athene Annuity & Life Assurance Company of New York, or Athene Securities, LLC. Please reach out to your financial professional if you have any questions about insurance products and their features.

The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales. Financial professionals will be paid a commission on the sale of an annuity.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, THE BANK OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; Athene Life Re Ltd., Hamilton, Bermuda; and Athene Annuity Re Ltd., Hamilton, Bermuda. Not all reinsurance products or structures offered are available in all jurisdictions. Reinsurers may not be licensed in all states. All transactions are subject to meeting a reinsurer’s underwriting requirements. Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds.