OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best has commented that the Credit Ratings (ratings) of Athene Holding Ltd. (Athene) (Bermuda) and its insurance subsidiaries remain unchanged following the announcement that Athene has entered into an agreement to acquire the individual fixed and fixed indexed annuity business from Voya Financial Inc. (Voya) (headquartered in New York, NY) via reinsurance. The in-force policies represent approximately $19 billion of account value as of June 30, 2017, which Athene will pay for with a $400 million ceding commission. This acquisition is part of a larger transaction which includes the sale of Voya’s closed block variable annuity business to an investment consortium consisting of Apollo Global Management, Athene and other investors.
Athene’s participation in the transaction is aligned with its long-term strategy of assuming blocks of annuity business. A.M. Best notes that the transaction increases Athene’s asset base and its in-force market position in the fixed indexed annuity market. The transaction is expected to close in the second or third quarter of 2018, pending regulatory approval and other customary closing conditions.
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