Athene Holding completes acquisition of DLD

Bermuda-based insurance holding company Athene Holding has successfully completed the acquisition of Delta Lloyd Deutschland AG and its subsidiaries (DLD).

All closing conditions have been met.

DLD is based in Wiesbaden, Germany, and provides life insurance products to the German market. The firm will continue to focus on run-off business and will continue to service its existing 350,000 customers and maintain the customer-centric business approach.

DLD and its subsidiaries will start to transition to the Athene brand this year.

As of December 31, 2014, Athene Holding had generally accepted accounting principles (GAAP) assets of approximately $80.6 billion (approximately €66.3 billion) and DLD had assets of approximately $6.0 billion (approximately €4.9 billion).

“We are pleased that DLD is now a part of the Athene family. We look forward to DLD contributing to Athene’s profitability and growth objectives while continuing to focus on policy protection and risk management,” said James Belardi, chief executive officer (CEO) of Athene Holding.

Christof Göldi, CEO of DLD, added: “We will benefit greatly from Athene’s asset and risk management expertise as well as from its strong capital position. Together, we will focus on further developing our profitable and growing business.”