Athene Holding has wrapped up the separation of AGER Bermuda Holding, the former holding company of Athene’s European operations.
After the deconsolidation from Athene, AGER has rebranded itself as Athora Holding Ltd which will be rolled out in mid-January 2018.
In April 2017, AGER raised approximately €2.2bn which laid the base for its growth in Europe. It was also an important step toward AGER’s goal of becoming a European run-off consolidator and life reinsurance partner.
AGER inked an agreement to acquire Aegon Ireland in August 2017. The acquiring firm expects to draw down capital to complete the acquisition pending satisfaction of all conditions to closing, including receipt of regulatory approval.
Upon deconsolidation, Athene remains a minority shareholder in AGER along with other global investors including affiliates of Apollo Global Management.
Also, Athene will serve as a preferred reinsurer for AGER’s spread liabilities and have representation on its board of directors.