ATHENE TO REINSURE $19BN BOOK OF ANNUITIES FOR VOYA FINANCIAL

Bermudian life and retirement product reinsurer Athene Holding has agreed to reinsure around $19bn of fixed and fixed-asset annuity business of Voya Financial as part of a deal in which Voya is selling its individual annuity business to Athene majority owner Apollo Global Management and its Crestview Partners and Reverence Capital Partners affiliates. With the deal, Athene has also secured the rights to reinsure liabilities tied to another $8bn book of annuities underwritten by Voya. Athene has also agreed to make a $75m minority equity investment in Venerable Holdings, the newly formed standalone annuity administration company that is being formed out of Apollo’s acquisition of Voya Insurance and Annuity.