Athene Holding Ltd. has announced that it has completed the deconsolidation of AGER Bermuda Holding Ltd., which is the former holding company of Athene’s European operations.
As part of the deconsolidation of AGER from Athene, the former will change its name to Athora Holding Ltd., which will be launched sometime in mid-January, 2018.
In April 2017, AGER successfully raised €2.2 billion via a capital raise, which it states “laid the foundation for its growth in Europe and was an important step toward AGER’s goal of becoming a European run-off consolidator and life reinsurance partner.”
AGER revealed in August last year that it intended to acquire Aegon Ireland, and the firm anticpates to draw down capital to close the acquisition following satisfaction of all conditions to closing, including necessary regulatory approval.
Athene will remain a minority stakeholder in AGER, as well as other investors, such as Apollo Global Management, LLC. Athene will also be a preferred reinsurer for AGER’s spread liabilities and will also have representation on its Board of Directors.