AGER Bermuda deconsolidates from Athene
AGER Bermuda Holding, the holding company of Athene Holding’s European operations, has announces its deconsolidation from Athene Holding.
AGER carried out what it described as a successful capital raise in April 2017, representing approximately €2.2 billion, laid the foundation for growth in Europe. According to AGER this 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. It 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. 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 at some point in mid-January 2018. According to the company the new name and look reflects AGER’s expanded capabilities and the ‘exciting direction’ the company is taking, conveying what it described as a highly efficient, constantly improving business with an analytical approach to success for all stakeholders.
