Retirement services firm Athene Holding has announced a pension buyout agreement with Armstrong World Industries, a US manufacturing company.
Under the terms of the transaction, three of Athene’s life insurance subsidiaries will provide annuity benefits for approximately 10,000 retirees who are currently receiving benefits from Armstrong’s pension plan.
In aggregate, Armstrong is transferring approximately $1 billion in pension obligations to Athene.
“We are pleased to have been selected as a trusted partner on behalf of Armstrong to help reduce the company’s pension risk through this transaction,” said Sean Brennan, Athene’s EVP of pension risk transfer and flow reinsurance.
“Our differentiated investment, actuarial, risk-management, and operational capabilities combined with our strong balance sheet, position us well to serve Armstrong and the broader market.
“Athene is committed to solutions that help plan sponsors meet their financial obligations while ensuring the financial security of their plan participants.”
