Add to favourites
News Local and Global in your language
24th of January 2018

Economy



AGER Announces Deconsolidation From Athene - Bernews

AGER Bermuda Holding Ltd., the holding company of Athene Holding Ltd.’s European operations announces its deconsolidation from Athene Holding Ltd..

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. 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, 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.

Share via emailRelated Stories

Read More About

#BermudaBusiness

Category: All, Business

Read More




Leave A Comment

More News

Business

Bernews.com » Business

Reuters: Business News

Christian Science Monitor |

Home Page

Disclaimer and Notice:WorldProNews.com is not the owner of these news or any information published on this site.