Athene Enters $1 Billion Pension-Buyout Deal With Armstrong World Industries
February 26, 2020 by Terrence Dopp
PEMBROKE, Bermuda – Athene Holding Ltd. said it has carried out a pension buyout deal of about $1 billion from building supply company Armstrong World Industries to provide annuity payments to 10,000 retirees in its pension system.
Athene’s Iowa-domiciled subsidiary, Athene Annuity and Life Co., as well as Athene Annuity & Life Assurance Company of New York, will take on the combined $1 billion in liabilities for beneficiaries of the Armstrong pension plan, the insurer said in a statement. A spokeswoman declined to break down the total responsibility each will assume in the transaction.
“Our differentiated investment, actuarial, risk-management, and operational capabilities combined with our strong balance sheet, position us well to serve Armstrong and the broader market,” Sean Brennan, executive vice president of Athene’s pension risk transfer and flow reinsurance, said in a statement. “Athene is committed to solutions that help plan sponsors meet their financial obligations while ensuring the financial security of their plan participants.”
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Originally Posted at A.M. Best on February 25, 2020 by Terrence Dopp.
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