Reinsurance News
Athene Holding
Athene reports Q1 loss, sees COVID-19 mark-to-market impacts as transitory
11th May 2020
Athene Holding Ltd. has reported a net loss of $1.1 billion for the first-quarter of 2020, primarily as a result of a decline in the fair value of reinsurance assets due to COVID-19-induced widening credit spreads. A net loss of $1.1 billion compares with net income of $708 million recorded in ... Read the full article
Athene secures pension buyout with Armstrong World Industries
26th February 2020
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 ... Read the full article
Athene posts improved $432m Q4 net income
18th February 2020
Retirement services firm Athene has posted a $432 million net income for the fourth quarter of 2019, up from a $104 million net loss incurred in the prior year quarter. This increase was driven by higher adjusted operating income, as well as a favorable net change in fixed indexed annuity derivatives ... Read the full article
Athene closes $6 billion in total pension risk transfer deals in 2019
6th January 2020
Athene Holding Ltd. has announced that it successfully closed approximately $6 billion in total pension risk transfer transactions for 2019, which includes the firm's inaugural transaction in the UK market. Approximately $800 million, or more than 13% of the total volume of pension risk transfer deals completed by Athene in 2019 ... Read the full article
Athene reports significantly higher Q2 net income
5th August 2019
Athene Holdings Ltd. has reported a significant 180% increase in net income in the second-quarter of 2019 to $720 million, driven by favourable changes in the fair value of reinsurance assets on the back of a decline in Treasury rates. Athene, a provider of retirement savings products, saw its Q2 2019 ... Read the full article
Athene helps take on $940mn of pension liabilities from Dana Incorporated
26th June 2019
Athene Holding Ltd., the Bermudian retirement services company owned by private equity firm Apollo Global Management, has taken on a portion of a $940 million block of pension liabilities from Dana Incorporated, a provider of power-conveyance and energy-management solutions for vehicles and machinery. Under the agreement, Dana will transfer all the ... Read the full article
Athene co-founder Frank Gillis to retire as CEO of life business
14th June 2019
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has announced that company co-founder Frank ‘Chip’ Gillis is to retire at the end of 2019. He will step down from his role as Chief Executive Officer (CEO) of Athene Life Re, but will continue his involvement with Athene as Executive ... Read the full article
Lockheed Martin completes two pension risk transfer agreements
30th January 2019
Lockheed Martin Corporation, a global security and aerospace firm, has announced its involvement in two new pension risk transfer agreements, including a $1.8 billion buy-out with a subsidiary of Prudential Financial, Inc. The buy-out agreement sees Lockheed Martin transfer roughly $1.8 billion of its pension obligations via the purchase of a ... Read the full article
Athene adds Scott Kleinman, Mitra Hormozi to Board
12th December 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has appointed Scott Kleinman and Mitra Hormozi to its Board of Directors, effective immediately. Kleinman is Co-President of Apollo Global Management and shares responsibility for all of Apollo’s revenue-generating and investing businesses, with particular focus on equity and opportunistic business. He is ... Read the full article
Athene enters pension risk transfer deal with Bristol-Myers Squibb
4th December 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has entered into a pension plan termination transaction with U.S pharmaceutical giant Bristol-Myers Squibb Company relating to more than 24,000 active and former employees, retirees and beneficiaries. The agreement will see Athene’s Iowa-based life subsidiary, Athene Annuity and Life Company (AAIA) ... Read the full article
Athene and Apollo revise partnership to promote asset outperformance
20th September 2018
Athene Holding Ltd., one of Bermuda’s leading retirement services companies, has amended the terms of its investment management arrangements with Athene Asset Management LLC, a subsidiary of Apollo Global Management, LLC, to support its continued profitable growth and long-term asset outperformance. “Differentiated asset management has been an integral part of our ... Read the full article
Athene eyes strengthened product distribution after S&P ratings boost
21st August 2018
Athene Holding, one of Bermuda's leading retirement services companies, has seen its operating companies’ credit rating boosted from A- to A by global ratings firm S&P Global, which Chief Executive Jim Belardi believes will benefit the company’s product distribution and accelerate growth. “This upgrade reflects our stellar financial results and will ... Read the full article
Athene resolves investigation with New York State regulator
2nd July 2018
Athene Holding Ltd. has announced that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a $55 million consent order with the New York State Department of Financial Services (NYSDFS). The agreement resolves the ... Read the full article
Athene completes $19bn fixed annuities reinsurance deal with Voya Financial
4th June 2018
Athene Holding has successfully completed a transaction with Voya Financial to reinsure approximately $19 billion of fixed and fixed indexed annuity liabilities. The transaction, which was announced in December 2017, brings Athene’s total invested assets to approximately $100 billion. The fixed and variable annuity blocks from Voya will be administered by ... Read the full article
Athene Holding appoints new independent board member
7th March 2018
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has announced that Fehmi Zeko is to be appointed to its board of directors. Zeko is currently Vice Chairman of the Global Technology, Media and Telecommunications Investment Banking Group for Bank of America Merril Lynch in New York. In this role ... Read the full article
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