|[October 02, 2013]
Athene Holding Ltd. Completes Acquisition of Aviva USA
PEMBROKE, Bermuda --(Business Wire)--
Athene Holding Ltd. ("Athene Holding," and together with its
subsidiaries, "Athene") today announced it has completed the acquisition
of Aviva USA Corporation and its subsidiaries, including Iowa-domiciled
Aviva Life and Annuity Company, and New York-domiciled Aviva Life and
Annuity Company of New York, for $1.55 billion.*
Athene also announced that it has completed the sale of Aviva USA's life
insurance operations to Presidential Life Insurance Company - USA, a
wholly owned subsidiary of Commonwealth Annuity and Life Insurance Co.
and part of the Global Atlantic Financial Group. Terms of that deal were
Following the deal's close, Athene has approximately $60 billion in
assets, making it one of the largest fixed annuity companies in the
Athene Chief Executive Officer Jim Belardi said: "Our acquisition of
Aviva USA is a transformative event that significantly increases the
scale of Athene's fixed annuity business and we are excited about our
prospects for further profitable growth. Aviva's operational
capabilities and alented workforce will enable Athene to solidify our
position as a market-leading provider of retirement solutions to
policyholders and distributors. At the same time, we will offer
attractive opportunities for employees and create greater value for our
Aviva USA has been renamed Athene USA, which is the parent for Athene's
U.S. operations and is now headquartered in West Des Moines, Iowa.
Athene Holding is owned by several institutional investors, with its
largest shareholder being AP Alternative Assets, L.P. (Euronext: AAA), a
closed-end, publicly traded permanent capital vehicle managed by Apollo
Global Management, LLC, a leading alternative investment manager.
*Prior to purchase price adjustments at closing
About Athene Holding Ltd.
Athene Holding, through its subsidiaries, is a leading provider of
products in the retirement savings market. Athene's principal
subsidiaries include Athene Annuity & Life Assurance Company and Athene
Life Insurance Company, Delaware-domiciled insurance companies, Aviva
Life & Annuity Company, an Iowa-domiciled insurance company,
Presidential Life Insurance Company and Aviva Life & Annuity Company of
New York, New York domiciled insurance companies, and Athene Life Re
Ltd., a Bermuda-based reinsurer.
Athene Holding provides investment solutions, including tax-efficient
savings products, to support retirees as well as those saving for
retirement. The products offered by Athene 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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