Athene Holding enters reinsurance agreement with Voya
Athene Holding Ltd. has entered into a reinsurance agreement with Voya Financial Pembroke to reinsure approximately $19 billion of fixed and fixed indexed annuity liabilities.
"We are excited to enter into this agreement with Voya, which is highly strategic for Athene and a compelling example of how our association with Apollo enables us to deliver creative solutions to the insurance industry," Athene CEO Jim Belardi said.
Athene hopes that this step with Voya will help Athene to build their organic distribution.
Athene has additionally secured rights to reinsure certain liabilities that will come from the annuitization of Venerable's variable annuities to fixed payout annuities. These payout annuities are estimated to be $8 billion.