Athene: ‘Model’s Underlying Strength’
A US subsidiary of Bermuda’s Athene Holding Ltd., Liberty Life Insurance Company today [Dec. 21] announced it had reinsured $3.1 billion of fixed annuities and similar liabilities.
With the completion of this transaction, Liberty Life will have assets in excess of $7 billion. On a consolidated basis, Athene Holding Ltd., Liberty Life’s Bermuda-based parent, will have assets of approximately $10 billion and equity of over $750 million.
“We continue to execute our plan to build a market-leading retirement savings company through organic growth, reinsurance and strategic acquisitions,” said James R. Belardi, CEO of Athene Holding Ltd. “This reinsurance transaction, combined with the promising results we are seeing from our retail business, reflects the underlying strength of our business model.”
Headquartered in Greenville, South Carolina, Liberty Life Insurance provides income solutions that help Americans prepare for retirement.
Athene Holding Ltd.’s insurance subsidiaries are net investment spread businesses that fund themselves through retail sales of annuities and reinsurance in the US retirement services market, and sales of institutional funding agreements.
Athene supports its liabilities by investing in a diversified portfolio of highly-rated, liquid, fixed income securities.
