Athene Holding Ltd. Acquires Investors Insurance Corp., Will Target Retail Fixed Annuity Sales

HAMILTON, Bermuda--(BUSINESS WIRE)--Athene Holding Ltd. (Athene) announced today that it has acquired Investors Insurance Corp. (IIC), a Delaware-domiciled life insurance company, from international reinsurer SCOR.

“With the purchase of IIC, Athene continues to execute its plan to build a market-leading retirement services company through a combination of organic growth, reinsurance and strategic acquisitions”

“With the purchase of IIC, Athene continues to execute its plan to build a market-leading retirement services company through a combination of organic growth, reinsurance and strategic acquisitions,” said James Belardi, CEO of Athene Holding Ltd. “Strong consumer demand for annuity solutions has created significant opportunities for us in the retail space.”

The deal for IIC, which has its operations in Jacksonville, Fla., follows Athene’s acquisition of Liberty Life Insurance Company in April 2011. The two acquisitions give the Athene enterprise a solid platform for bringing annuity solutions to the consumer marketplace. Athene is building its retail marketing and sales distribution organization in Wilmington, Delaware and has hired Christopher Grady, formerly the President of Genworth Financial’s U.S. distribution and marketing division, to lead the retail operation.

About Athene Holding Ltd.

Athene Holding Ltd., a Bermuda-based holding company, and its insurance subsidiaries focus on retail sales of annuities and reinsurance in the U.S. retirement services market, and sales of institutional funding agreements. Athene supports its liabilities by investing in a diversified portfolio of highly-rated, liquid, fixed income securities. Athene’s principal subsidiaries include Athene Life Re Ltd., a Bermuda-based reinsurer focused on the retirement services market; Liberty Life Insurance Company, a South Carolina-domiciled stock life insurance company focused on retail sales and reinsurance in the retirement services market; and Athene Life Insurance Company, an Indiana-domiciled stock life insurance company focused on the institutional funding agreement market. Following the acquisition, on a pro forma basis, Athene will have approximately $500 million of capital and surplus supporting approximately $6 billion in reserves.

Athene’s management team has many years of experience managing net investment spread businesses within life insurance companies. James R. Belardi, the chief executive officer of Athene Holding Ltd., previously served as President of SunAmerica Life Insurance Company and Executive Vice President and Chief Investment Officer of AIG Retirement Services.