Venerable Holdings has closed the acquisition of Voya Financial‘s Closed Block Variable Annuity (CBVA) business.

The deal was originally announced in December last year. Venerable is a newly-created investment vehicle owned by a group of investors led by affiliates of Apollo Global Management, Crestview Partners and Reverence Capital Partners. Both Voya and Athene Holding will also have a minority stake in Venerable.

As part of the deal, Athene will reinsure around $19bn of fixed and fixed indexed annuity liabilities from Venerable and Voya.

Under the agreement, Voya Investment Management will serve as the preferred asset management partner for Venerable’s variable annuities while Athene Asset Management will offer asset management services for the fixed annuities.

Voya Financial chairman and CEO Rodney Martin, Jr said: “With the completion of this transaction, we have significantly reduced market and insurance risk for Voya and its shareholders.

“Voya is now a simpler, more focused company that is well positioned for accelerated growth. Our business mix remains diverse, but is now largely focused on our higher-growth, higher-return, capital-light Retirement, Investment Management and Employee Benefits businesses. We will continue to invest in our businesses as we position Voya to best meet our customers’ needs and achieve further profitable growth.”

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