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Athene to acquire Aviva USA for $1.6B


By Scott Miller
smiller@scbiznews.com
Published Jan. 2, 2013

Athene Holding Ltd., the parent company of Athene Annuity & Life Assurance Co. in Greenville, announced plans to acquire the U.S. business unit of Aviva for nearly $1.6 billion.

The purchase includes Aviva’s U.S. life and annuity operations, and Athene said it would locate its U.S. headquarters for that business at Aviva’s base in West Des Moines, Iowa. The U.S. headquarters for Athene’s annuity reinsurance operations has been in Greenville.

Asked how Athene Annuity’s Greenville operations would be impacted, a local spokesman said the company is evaluating options to combine operations after the Aviva acquisition closes sometime this year. Athene Annuity, formerly Liberty Life Insurance Co., employs around 120 people in Greenville. Athene Holding acquired Greenville-based Liberty Life from the Royal Bank of Canada in 2011 for $628 million. Liberty Life was renamed Athene Annuity & Life Assurance Co. last year.

Aviva USA has approximately $56 billion of statutory admitted assets. The combination of Aviva USA with Athene Annuity will create the second largest issuer of fixed indexed annuities in the United States, according to Athene Holding.

Aviva USA will be renamed Athene USA and will become the parent for Athene’s U.S. operations headquartered in West Des Moines, Iowa. Athene said it is committed to retaining a substantial employee base in Iowa as the centerpiece of Athene USA’s nationwide operations.

“With this acquisition, Athene is a leader in the fixed annuity space,” Athene CEO James R. Belardi said in a news release. “The purchase of Aviva’s U.S. annuity business will add significant scale to our retail sales and reinsurance operations and provides Athene with best in class operational capabilities.”

Related coverage

Athene acquires N.Y.-based insurance company
Athene to acquire Liberty Life Insurance of Greenville


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