Liberty Life Insurance Company Completes Reinsurance Transaction
December 23, 2011 by Bill Free
press release
Dec. 20, 2011, 10:12 a.m. EST
GREENVILLE, S.C., Dec 20, 2011 (BUSINESS WIRE) — Liberty Life Insurance
Company today announced it had reinsured $3.1 billion of fixed annuities and
similar liabilities. With the completion of this transaction, Liberty Life will
have assets in excess of $7 billion. On a consolidated basis, Athene Holding
Ltd., Liberty Life’s Bermuda-based parent, will have assets of approximately $10
billion and equity of over $750 million.
“We continue to execute our plan to build a market-leading retirement savings
company through organic growth, reinsurance and strategic acquisitions,” said
James R. Belardi, CEO of Athene Holding Ltd. “This reinsurance transaction,
combined with the promising results we are seeing from our retail business,
reflects the underlying strength of our business model.”
About Liberty Life Insurance Company
Headquartered in Greenville, S.C., Liberty Life Insurance Co. provides income
solutions that help Americans prepare for retirement. For over a century,
Liberty Life has earned the trust of its policyholders through financial
stability, integrity and service.
About Athene Holding Ltd.
Athene Holding Ltd.’s insurance subsidiaries are net investment spread
businesses that fund themselves through 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
Delaware-domiciled stock life insurance company focused on retail sales and
reinsurance; and Athene Life Insurance Company, an Indiana-domiciled stock life
insurance company focused on the institutional funding agreement market.
Athene’s management team has many years of experience managing net investment
spread businesses within life insurance companies. James R. Belardi, 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.
SOURCE: Liberty Life Insurance Company
For Liberty Life Insurance Company
Bill Free, 864-609-1187
bill.free@atheneannuity.com
