Athene Holding Ltd. Enters into Reinsurance Agreement with Voya Financial
By a
"We are excited to enter into this agreement with Voya, which is highly strategic for Athene and a compelling example of how our association with Apollo enables us to deliver creative solutions to the insurance industry. The large block of fixed annuities we will be reinsuring are products Athene understands well, and they present a meaningful asset redeployment opportunity," said
In connection with the transaction being announced, Athene has secured the rights to reinsure liabilities that will be created from the subsequent annuitization of certain of Venerable's (as described below) variable annuities to fixed payout annuities which is estimated to total approximately
It was also announced that a consortium of investors, led by affiliates of
Prior to the closing of this transaction, Athene will evaluate a range of potential debt financing alternatives which may provide an attractive option for the company in the current low rate environment.
The transaction, which is expected to close in the second or third quarter of 2018, is subject to regulatory approvals and other customary closing conditions.
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