AGER Announces Deconsolidation from Athene Holding Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)– AGER Bermuda Holding Ltd. (“AGER”), the holding company of Athene Holding Ltd.’s (“Athene”) European operations today announces its deconsolidation from Athene Holding Ltd. (NYSE: ATH) (“Athene”).
AGER’s successful capital raise in April 2017, representing approximately €2.2 billion, laid the foundation for growth in Europe and was an important step toward AGER’s goal of becoming the premier European run-off consolidator and life reinsurance partner. In August of 2017, AGER announced its intention to acquire Aegon Ireland, a Dublin-based insurer, and expects to draw down capital to close the acquisition in the first quarter of 2018, following satisfaction of all conditions to closing, including receipt of regulatory approval.
Athene will remain a minority shareholder in AGER along with other global investors including affiliates of Apollo Global Management, LLC (NYSE: APO). Additionally, Athene will be a preferred reinsurer for AGER’s spread liabilities and have representation on its board of directors.
With the deconsolidation of AGER from Athene, AGER will change its name to Athora Holding Ltd. effective mid-January 2018. The new name and look reflects AGER’s expanded capabilities and the exciting direction the company is taking, conveying a highly efficient, constantly improving business with an analytical approach to success for all stakeholders.
AGER’s principal operating subsidiary remains Athene Lebensversicherung AG (“Athene Leben”), based in Germany. Athene Leben had €5 billion in invested assets as of 31 December 2016. The company has been in run-off since 2010 and since that time has developed the experience and efficiencies critical to succeed as a run-off specialist.
About AGER
AGER, through its subsidiaries, is a specialist in the European life run-off market. The company offers solutions for insurers to monetize their legacy portfolios while expertly serving the needs of policyholders. The company’s principal operational subsidiary (Athene Leben) is located in Wiesbaden, Germany, and it offers management services via its subsidiary in London, United Kingdom.
About Athene Lebensversicherung AG
Athene Leben is a Germany-based insurance company specialized in the efficient management of insurance portfolios in the areas of life, annuities and retirement planning. The company’s 200 employees efficiently manage and service approximately 300,000 contracts in Germany from its headquarters in Wiesbaden. Athene Leben is part of the Athene Deutschland group, which also includes Athene Pensionskasse AG, a specialist entity that offers customized retirement and survivor’s pensions under the occupational pension scheme.
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Contacts
Media
In U.S., UK, Ireland and Bermuda:
Athene Holding Ltd.
Cyndi Harmeyer Fisher
+1 441 279 8533
+1 515 342 3719
cfisher@athene.com
or
In Germany:
Andrea Maibaum
Hering Schuppener
+49 69 921 874 26