The retail fixed annuity & reinsurance provider, Liberty Life Insurance Company has announced that from now on it will be referred to as Athene Annuity & Life Assurance Company. It will henceforth operate under its brand name ‘Athene Annuity.’ With this move, the company will come close to its corporate parent – the Bermuda-based Athene Holding Ltd., that acquired Liberty Life from the Royal Bank of Canada in the month of April, 2011.
James R. Belardi, the CEO of Athene Holding stated that they had purchased Liberty in order to create a platform for the growth of their fixed annuity businesses in the US. Hence, renaming the company helped in strengthening the Athene brand and also emphasized the strategic importance of their operations in the US.
After its acquisition, Liberty Life, which is now Athene Annuity has seen a huge business growth. It has now opened its retail sales & marketing office in Wilmington, Delaware. It has also launched its portfolio on fixed annuity solutions. The company has assets close to $7 billion after it completed a $3.1 billion reassurance transaction during December 2011. The parent company Athene Holding Ltd, has consolidated assets of around $10 billion with equity of more than $750 million. After the acquisition, the company has recruited close to 80 full-time employees in Wilmington, Delaware, as well as Greenville, South Carolina.
Athene Annuity has its main admin office in Greenville, S.C. Athene Annuity & Life Assurance Company (former Liberty Life Insurance Company) offers income solutions, which helps American citizens, prepare for their retirement. Since more than 100 years, Athene Annuity has managed to earn the trust of its policyholders through the services it has offered. Its financial stability and integrity have also contributed to the same.
The insurance subsidiaries of Athene Holding Ltd, are basically ‘net investment spread businesses’ that manage to fund themselves via retail sales of ‘annuities and reinsurance’ in the US retirement services market, as well as sales of ‘institutional funding agreements.’ Athene is known to invest primarily in diversified portfolios of liquid, highly rated, fixed income securities.
The management team at Athene’s has years of experience in managing ‘net investment spread businesses’ within the life insurance sector. The principal subsidiaries of Athene Holding Ltd include Athene Life Re Ltd., which is a Bermuda-based reinsurer whose main focus is on the retirement services market. Athene Annuity & Life Assurance Company focuses on the retail sales & reinsurance.
