In a transaction contingent on its pending acquisition of the U.S. annuity and life insurance operations of Aviva plc (“Aviva USA”), Athene Holding Ltd. (together with its subsidiaries, “Athene”) has entered into a definitive agreement to sell, through a reinsurance arrangement, Aviva USA's life insurance business to Commonwealth Annuity and Life Insurance Co., a wholly owned subsidiary of Global Atlantic Financial Group.
Aviva USA's life insurance business had approximately $10 billion of statutory admitted assets as of December 31, 2012, and includes business written by Aviva Life and Annuity Company and Aviva Life and Annuity Company of New York. The sale, which is expected to close later this year, will occur simultaneously with the closing of the acquisition of Aviva USA by Athene.
“This sale is consistent with Athene's focus on becoming the leader in the fixed annuity segment of the retirement savings market,” said Jim Belardi, chief executive officer of Athene.
Global Atlantic plans to build a local team in Iowa as part of this acquisition, hiring members of Aviva USA's Iowa-based team, to manage the life insurance business.
Learn more: Aviva to sell Aviva USA for US$1.8 billion; www.athene.bm.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].