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Business Wire
3 days ago
- Business
- Business Wire
JAB Insurance Names Jin Chang as Partner
MIAMI--(BUSINESS WIRE)--JAB Insurance today announced that Jin Chang will join the firm in July as a Partner, bringing more than 30 years of insurance experience, most recently as Senior Vice President of Finance at Athene, Apollo Global Management's U.S. Insurance and Retirement Business. In addition, the firm announced that it has further strengthened its team by adding three new executives and appointing four independent directors with decades of insurance experience to its newly formed Board. Anant Bhalla, Senior Partner and Chief investment Officer of JAB, said, 'I have known Jin for more than 20 years, and over that time we have collaborated on numerous ventures and transactions. I am delighted to welcome him as a partner in JAB Insurance as we focus on creating a life insurance platform with a truly differentiated value proposition for our key stakeholders, including policyholders, distribution partners, and reinsurance cedants.' In addition to Chang, JAB Insurance has invested in its team of experienced insurance talent with three new hires who bring proven leadership experience in the industry: Guillaume Briere-Giroux, Managing Director, who has 20 years of life and annuity experience, most recently as a Partner at Oliver Wyman; Andrew Taktajian, Managing Director and General Counsel, who has advised numerous clients across a variety of insurance and regulatory matters, most recently as Chief Legal Officer, General Counsel, and Corporate Secretary of Federal Life Group, Inc.; and Kyle Hales, Principal, who has a decade of experience in the insurance sector and brings valuable experience in building financial processes for a de novo insurer in the U.S. Bhalla added, 'The addition of Guillaume, Andrew, and Kyle to the team at JAB Insurance enables us to be an engaged owner of our insurance businesses and to provide strategic support to their management teams. We recently closed on the acquisition of Family Life in Texas and look forward to closing later this year on our previously announced acquisition of Prosperity Life. Following these transactions, JAB Insurance will have more than $25 billion of policyholder reserves and 1 million policyholders in the U.S. insurance market.' Lastly, reflecting JAB Insurance's scale and commitment to best-in-class corporate governance, the firm has formed an independent Board, including the appointment of four new independent directors. David S. Mulcahy, former Chairman of the Board and Lead Independent Director of American Equity Investment Life Holding Company (formerly on the NYSE: AEL) and current Lead Independent Director of Workiva (NYSE: WK); Gary 'Doc' Huffman, with five decades of insurance experience, most recently as the CEO and Chairman of Ohio National Financial Services, a leading provider of life insurance products and financial planning services; Olav Cuiper, former Executive Committee member of RGA Inc. (NYSE: RGA), the largest publicly traded U.S. life reinsurer; and Ron Veith, former Accenture Partner with decades of experience advising executive boards and chief executives on strategy and technology in various industries, including financial services. Bhalla concluded, 'I am delighted to welcome Dave, Doc, Olav, and Ron to our JAB Insurance Board and look forward to both their wise counsel and invaluable perspectives. Forming this independent Board is a foundational element of our insurance strategy as we at JAB are investing solely our own, permanent capital as a principal investor in the life insurance sector. By compounding this capital over decades while fostering enduring relationships with our insurance clients, we intend to build a unique and compelling insurance franchise for generations to come.' JAB Insurance Platform Team Biographies Jin Chang, Partner, JAB Insurance Jin will join JAB Insurance in July 2025 as a Partner. He brings over 30 years of financial services experience, most recently as Senior Vice President of Finance at Athene, Apollo Global Management's U.S. Insurance and Retirement Business. Previously, Jin served as Treasurer and Head of Asset Liability Management (ALM) at Brighthouse Financial and CFO of Retail Annuities at MetLife. His prior roles included Managing Director at Apollo Credit, Managing Director and Head of Insurance Solutions at Morgan Stanley, and SVP in the Insurance Solutions Group at Lehman Brothers. Jin started his career as an Actuary at MetLife, and he is a Fellow of the Society of Actuaries. Guillaume Briere-Giroux, Managing Director, JAB Insurance Guillaume joined JAB insurance in May 2025 as a Managing Director. He has 20 years of life and annuity experience, most recently as a Partner at Oliver Wyman. He advised as an actuarial consultant on most large asset-intensive reinsurance and M&A transactions since 2008 and served as Chief Life and Annuity Reinsurance Officer in 2021 at Fortitude Re. Guillaume started his career as an actuary as Allianz Life, is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a CFA Charterholder. Andrew Taktajian, Managing Director, General Counsel, JAB Insurance Andrew joined JAB Insurance in May 2025. He brings over two decades of legal experience advising clients at privately held insurance platforms, Fortune 500 insurance companies, and at a boutique insurance regulatory law firm. Prior to joining JAB Insurance, Andrew served as Chief Legal Officer, General Counsel, and Corporate Secretary of Federal Life Group, Inc., an affiliate of Bain Capital. He previously served as Associate General Counsel, Insurance, at American Equity Investment Life Holding Company, Vice-President Corporate Counsel at Prudential Financial, and in various roles at AIG. He began his career at the Cantilo and Bennett law firm representing state insurance departments. Kyle Hales, Principal, Finance, JAB Insurance Kyle will join JAB Insurance in June 2025 as a Principal. Kyle has a decade of experience in the insurance sector and brings a comprehensive understanding of both regulatory frameworks and industry operations. Prior to JAB Insurance, Kyle served as Controller of Ibexis Life & Annuity Insurance Company. Kyle began his career as a Financial Analyst at the Utah Department of Insurance. JAB Insurance Independent Director Biographies David S. Mulcahy, Former Chairman of the Board and Lead Independent Director of American Equity Investment Life Holding Company (NYSE: AEL); Lead Independent Director of Workiva (NYSE: WK) David is a serial business builder and has worked alongside leading public and private insurers for over four decades. David joined American Equity Investment Life Holding Company (NYSE: AEL) at its inception in 1996 as an innovative, retirement annuity-focused insurer in Iowa serving middle America through independent marketing organizations (IMOs). At the time, AEL offered a novel product offering, fixed index annuities (FIAs), leveraging industry mega trends including 'indexing' and 'no fee' products to build the FIA category. David served on the Board of AEL from 1996 to 2006 and again from 2011 through the company's take private sale to Brookfield in 2024. Over his tenure at AEL, David served as Non-Executive Board Chairman, Lead Independent Director, Chairman of the Nominating and Corporate Governance Committee, and prior to that, as Chairman of the Audit Committee. David currently sits on the Board of Workiva (NYSE: WK), a cloud-based software company, where he serves as Lead Independent Director and is a member of the Audit Committee and Compensation Committee. David holds a BBA in Accounting and Finance from the University of Iowa and earlier in his career was a tax partner at E&Y. Gary 'Doc' Huffman, Former CEO and Chairman of Ohio National Financial Services Over the past 50 years, Doc held various leadership roles in the insurance sector. Most recently from 2008 to 2022 at Ohio National Financial Services which culminated in his role as CEO and Chairman. Prior to Ohio National, Doc held senior executive positions at Union Central Life Insurance Company and served as Executive Vice President and Co-Chief Operating Officer of the holding company of Ameritas, as well as on the Ameritas Board. He also worked in various senior roles across distribution, marketing, and annuity strategy at Massachusetts Mutual, where he began his career in 1975 as an agent. Doc is a University of Kentucky graduate and is involved in numerous advisory and board positions, including at AGAM; AeCe, Ltd. Bermuda; and Cincinnati Children's Hospital. Olav Cuiper, Former Executive Committee member of RGA Inc. Olav joined RGA, the largest publicly traded U.S. life reinsurer, in 2009 and held various leadership positions, culminating in his role as Executive Vice President and Global Chief Client Officer. During his time at RGA, he led the EMEA region from 2011 to 2021, contributing to the business' significant growth over his tenure. He also served as Chairman of the Board for RGA Middle East, Chairman of the Board for Aspire Health (RGAS's Middle East health initiative), director at several RGA-related boards, and as a member of the advisory Board of Carepay International, RGA's technology partner in the UAE. Prior to joining RGA in 2009, he served as Managing Director Europe at Fortis Insurance International, holding board positions across Europe, and as Managing Director of Group Life/Institutional Clients for Delta Lloyd Insurance NV. Olav currently serves on several boards in Europe and the U.S. related to JAB's pet insurance businesses. Ron Veith, Former Accenture Partner with financial services expertise Ron has over 40 years of experience advising executive boards and chief executives as they undertake strategic change initiatives. He has experience working with global leaders in the financial services, consumer goods and services, and technology industries. Ron was a partner with Accenture, serving in a variety of client and firm leadership roles in the consumer goods and services sector, including as Global Managing Partner for the firm's Oracle Practice. Most recently, Ron returned to his consulting roots providing strategy formulation, business development, operational improvement, and practice management advisory services primarily in the financial services industry. Ron has a Bachelor of Industrial Engineering degree from the Georgia Institute of Technology, and an MBA from the University of Notre Dame. About JAB Insurance JAB Insurance is the newly formed insurance segment of JAB Holding Company, which recently closed on the acquisition of Family Life, a Texas-domiciled life insurance company with licenses in 49 states, and previously announced the pending acquisition of Prosperity Life Group. With these transactions, JAB Insurance will have more than $25 billion of policyholder reserves and 1 million clients in the U.S. insurance market, with a clear strategy to build a leading global life insurance platform. About JAB Holding JAB is an investment holding company that invests in insurance and consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven resiliency. JAB is the controlling shareholder of Coty Inc., a global leader in beauty, and JDE Peet's, the world's leading pure-play coffee and tea company. It is also the anchor shareholder of Krispy Kreme, Inc., a global leader in freshly delivered doughnuts. JAB is the controlling shareholder of National Veterinary Associates, a leading veterinary care organization; Independence Pet Holdings, a leading provider of pet insurance in North America; Pinnacle Pet Group, a leading provider of pet insurance in Europe; Panera Brands Inc., one of the largest fast casual restaurant companies in the United States, which includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels; Pret A Manger, a global leader in the ready-to-eat fresh food market; and Espresso House, the largest branded coffee shop chain in Scandinavia.
Yahoo
3 days ago
- Business
- Yahoo
JAB Insurance Names Jin Chang as Partner
Strengthens Team with Senior Hires and Announces Formation of Independent Board MIAMI, June 03, 2025--(BUSINESS WIRE)--JAB Insurance today announced that Jin Chang will join the firm in July as a Partner, bringing more than 30 years of insurance experience, most recently as Senior Vice President of Finance at Athene, Apollo Global Management's U.S. Insurance and Retirement Business. In addition, the firm announced that it has further strengthened its team by adding three new executives and appointing four independent directors with decades of insurance experience to its newly formed Board. Anant Bhalla, Senior Partner and Chief investment Officer of JAB, said, "I have known Jin for more than 20 years, and over that time we have collaborated on numerous ventures and transactions. I am delighted to welcome him as a partner in JAB Insurance as we focus on creating a life insurance platform with a truly differentiated value proposition for our key stakeholders, including policyholders, distribution partners, and reinsurance cedants." In addition to Chang, JAB Insurance has invested in its team of experienced insurance talent with three new hires who bring proven leadership experience in the industry: Guillaume Briere-Giroux, Managing Director, who has 20 years of life and annuity experience, most recently as a Partner at Oliver Wyman; Andrew Taktajian, Managing Director and General Counsel, who has advised numerous clients across a variety of insurance and regulatory matters, most recently as Chief Legal Officer, General Counsel, and Corporate Secretary of Federal Life Group, Inc.; and Kyle Hales, Principal, who has a decade of experience in the insurance sector and brings valuable experience in building financial processes for a de novo insurer in the U.S. Bhalla added, "The addition of Guillaume, Andrew, and Kyle to the team at JAB Insurance enables us to be an engaged owner of our insurance businesses and to provide strategic support to their management teams. We recently closed on the acquisition of Family Life in Texas and look forward to closing later this year on our previously announced acquisition of Prosperity Life. Following these transactions, JAB Insurance will have more than $25 billion of policyholder reserves and 1 million policyholders in the U.S. insurance market." Lastly, reflecting JAB Insurance's scale and commitment to best-in-class corporate governance, the firm has formed an independent Board, including the appointment of four new independent directors. David S. Mulcahy, former Chairman of the Board and Lead Independent Director of American Equity Investment Life Holding Company (formerly on the NYSE: AEL) and current Lead Independent Director of Workiva (NYSE: WK); Gary "Doc" Huffman, with five decades of insurance experience, most recently as the CEO and Chairman of Ohio National Financial Services, a leading provider of life insurance products and financial planning services; Olav Cuiper, former Executive Committee member of RGA Inc. (NYSE: RGA), the largest publicly traded U.S. life reinsurer; and Ron Veith, former Accenture Partner with decades of experience advising executive boards and chief executives on strategy and technology in various industries, including financial services. Bhalla concluded, "I am delighted to welcome Dave, Doc, Olav, and Ron to our JAB Insurance Board and look forward to both their wise counsel and invaluable perspectives. Forming this independent Board is a foundational element of our insurance strategy as we at JAB are investing solely our own, permanent capital as a principal investor in the life insurance sector. By compounding this capital over decades while fostering enduring relationships with our insurance clients, we intend to build a unique and compelling insurance franchise for generations to come." JAB Insurance Platform Team Biographies Jin Chang, Partner, JAB InsuranceJin will join JAB Insurance in July 2025 as a Partner. He brings over 30 years of financial services experience, most recently as Senior Vice President of Finance at Athene, Apollo Global Management's U.S. Insurance and Retirement Business. Previously, Jin served as Treasurer and Head of Asset Liability Management (ALM) at Brighthouse Financial and CFO of Retail Annuities at MetLife. His prior roles included Managing Director at Apollo Credit, Managing Director and Head of Insurance Solutions at Morgan Stanley, and SVP in the Insurance Solutions Group at Lehman Brothers. Jin started his career as an Actuary at MetLife, and he is a Fellow of the Society of Actuaries. Guillaume Briere-Giroux, Managing Director, JAB InsuranceGuillaume joined JAB insurance in May 2025 as a Managing Director. He has 20 years of life and annuity experience, most recently as a Partner at Oliver Wyman. He advised as an actuarial consultant on most large asset-intensive reinsurance and M&A transactions since 2008 and served as Chief Life and Annuity Reinsurance Officer in 2021 at Fortitude Re. Guillaume started his career as an actuary as Allianz Life, is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a CFA Charterholder. Andrew Taktajian, Managing Director, General Counsel, JAB InsuranceAndrew joined JAB Insurance in May 2025. He brings over two decades of legal experience advising clients at privately held insurance platforms, Fortune 500 insurance companies, and at a boutique insurance regulatory law firm. Prior to joining JAB Insurance, Andrew served as Chief Legal Officer, General Counsel, and Corporate Secretary of Federal Life Group, Inc., an affiliate of Bain Capital. He previously served as Associate General Counsel, Insurance, at American Equity Investment Life Holding Company, Vice-President Corporate Counsel at Prudential Financial, and in various roles at AIG. He began his career at the Cantilo and Bennett law firm representing state insurance departments. Kyle Hales, Principal, Finance, JAB InsuranceKyle will join JAB Insurance in June 2025 as a Principal. Kyle has a decade of experience in the insurance sector and brings a comprehensive understanding of both regulatory frameworks and industry operations. Prior to JAB Insurance, Kyle served as Controller of Ibexis Life & Annuity Insurance Company. Kyle began his career as a Financial Analyst at the Utah Department of Insurance. JAB Insurance Independent Director Biographies David S. Mulcahy, Former Chairman of the Board and Lead Independent Director of American Equity Investment Life Holding Company (NYSE: AEL); Lead Independent Director of Workiva (NYSE: WK)David is a serial business builder and has worked alongside leading public and private insurers for over four decades. David joined American Equity Investment Life Holding Company (NYSE: AEL) at its inception in 1996 as an innovative, retirement annuity-focused insurer in Iowa serving middle America through independent marketing organizations (IMOs). At the time, AEL offered a novel product offering, fixed index annuities (FIAs), leveraging industry mega trends including "indexing" and "no fee" products to build the FIA category. David served on the Board of AEL from 1996 to 2006 and again from 2011 through the company's take private sale to Brookfield in 2024. Over his tenure at AEL, David served as Non-Executive Board Chairman, Lead Independent Director, Chairman of the Nominating and Corporate Governance Committee, and prior to that, as Chairman of the Audit Committee. David currently sits on the Board of Workiva (NYSE: WK), a cloud-based software company, where he serves as Lead Independent Director and is a member of the Audit Committee and Compensation Committee. David holds a BBA in Accounting and Finance from the University of Iowa and earlier in his career was a tax partner at E&Y. Gary "Doc" Huffman, Former CEO and Chairman of Ohio National Financial ServicesOver the past 50 years, Doc held various leadership roles in the insurance sector. Most recently from 2008 to 2022 at Ohio National Financial Services which culminated in his role as CEO and Chairman. Prior to Ohio National, Doc held senior executive positions at Union Central Life Insurance Company and served as Executive Vice President and Co-Chief Operating Officer of the holding company of Ameritas, as well as on the Ameritas Board. He also worked in various senior roles across distribution, marketing, and annuity strategy at Massachusetts Mutual, where he began his career in 1975 as an agent. Doc is a University of Kentucky graduate and is involved in numerous advisory and board positions, including at AGAM; AeCe, Ltd. Bermuda; and Cincinnati Children's Hospital. Olav Cuiper, Former Executive Committee member of RGA joined RGA, the largest publicly traded U.S. life reinsurer, in 2009 and held various leadership positions, culminating in his role as Executive Vice President and Global Chief Client Officer. During his time at RGA, he led the EMEA region from 2011 to 2021, contributing to the business' significant growth over his tenure. He also served as Chairman of the Board for RGA Middle East, Chairman of the Board for Aspire Health (RGAS's Middle East health initiative), director at several RGA-related boards, and as a member of the advisory Board of Carepay International, RGA's technology partner in the UAE. Prior to joining RGA in 2009, he served as Managing Director Europe at Fortis Insurance International, holding board positions across Europe, and as Managing Director of Group Life/Institutional Clients for Delta Lloyd Insurance NV. Olav currently serves on several boards in Europe and the U.S. related to JAB's pet insurance businesses. Ron Veith, Former Accenture Partner with financial services expertiseRon has over 40 years of experience advising executive boards and chief executives as they undertake strategic change initiatives. He has experience working with global leaders in the financial services, consumer goods and services, and technology industries. Ron was a partner with Accenture, serving in a variety of client and firm leadership roles in the consumer goods and services sector, including as Global Managing Partner for the firm's Oracle Practice. Most recently, Ron returned to his consulting roots providing strategy formulation, business development, operational improvement, and practice management advisory services primarily in the financial services industry. Ron has a Bachelor of Industrial Engineering degree from the Georgia Institute of Technology, and an MBA from the University of Notre Dame. About JAB Insurance JAB Insurance is the newly formed insurance segment of JAB Holding Company, which recently closed on the acquisition of Family Life, a Texas-domiciled life insurance company with licenses in 49 states, and previously announced the pending acquisition of Prosperity Life Group. With these transactions, JAB Insurance will have more than $25 billion of policyholder reserves and 1 million clients in the U.S. insurance market, with a clear strategy to build a leading global life insurance platform. About JAB Holding JAB is an investment holding company that invests in insurance and consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven resiliency. JAB is the controlling shareholder of Coty Inc., a global leader in beauty, and JDE Peet's, the world's leading pure-play coffee and tea company. It is also the anchor shareholder of Krispy Kreme, Inc., a global leader in freshly delivered doughnuts. JAB is the controlling shareholder of National Veterinary Associates, a leading veterinary care organization; Independence Pet Holdings, a leading provider of pet insurance in North America; Pinnacle Pet Group, a leading provider of pet insurance in Europe; Panera Brands Inc., one of the largest fast casual restaurant companies in the United States, which includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels; Pret A Manger, a global leader in the ready-to-eat fresh food market; and Espresso House, the largest branded coffee shop chain in Scandinavia. View source version on Contacts Media Contact media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Athene Announces Redemption of All Outstanding Series C Preferred Stock and Related Depositary Shares
WEST DES MOINES, Iowa, May 30, 2025 (GLOBE NEWSWIRE) -- Athene Holding Ltd. ('Athene') today announced it will redeem all outstanding shares of its 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (the 'Series C Preferred Stock'), and the corresponding depositary shares (CUSIP: 04686J 309; ISIN: US04686J3095) (the 'Depositary Shares'), each representing a 1/1,000th interest in a share of the Series C Preferred Stock. The Series C Preferred Stock will be redeemed on the upcoming dividend payment date on June 30, 2025 (the 'Redemption Date'). All 24,000,000 Depositary Shares currently outstanding will be redeemed on the Redemption Date. On and after the Redemption Date, no shares of Series C Preferred Stock or Depositary Shares will remain outstanding. The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share (equivalent to $25,000 per share of Series C Preferred Stock) (the 'Redemption Price'). The regular quarterly dividend on the Depositary Shares was separately declared and will be paid separately on June 30, 2025 to holders of record on June 15, 2025 for such dividend payment in the customary manner. Accordingly, the Redemption Price does not include any accrued and unpaid dividends. No further dividends will be declared or paid following the Redemption Date. Simultaneously with the redemption of the Series C Preferred Stock, the outstanding Depositary Shares will be redeemed on the Redemption Date in accordance with the applicable procedures of The Depository Trust Company ('DTC'), for an amount per Depositary Share equal to the Redemption Price. All Depositary Shares are held in book-entry form through DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent. The address for the redemption agent is as follows: Computershare Trust Company, Corporate Actions150 Royall MA 02021 Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the shares of Depositary Shares in which they have a beneficial interest. About AtheneAthene is the leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. Forward-Looking StatementsThis press release contains, and certain oral statements made by Athene's representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks, uncertainties and assumptions that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words 'believes,' 'expects,' 'intends,' 'anticipates,' 'plans,' 'seeks,' 'estimates,' 'projects,' 'may,' 'will,' 'could,' 'might,' 'should,' or 'continues' or similar expressions. Forward-looking statements within this press release include, but are not limited to, statements regarding future growth prospects and financial performance. Although Athene management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. For a discussion of other risks and uncertainties related to Athene's forward-looking statements, see its annual report on Form 10-K for the year ended December 31, 2024, which can be found at the SEC's website All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Media ContactJeanne HessVP, External Relations+1 646 768 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
26-05-2025
- Business
- Business Mayor
US life insurers' offshore reinsurance liabilities breach $1tn
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US life insurers have shifted more than $1tn of liabilities offshore, offloading more risk to foreign jurisdictions despite regulators' concerns about protections for retirement savings and broader financial stability. Private capital-owned groups such as Apollo's Athene and KKR's Global Atlantic, as well as traditional insurers such as Prudential and MassMutual, last year moved more than $130bn of liabilities to offshore reinsurers primarily based in Bermuda, according to new figures from S&P Global Market Intelligence. US life insurers' and annuity providers' total reserves ceded abroad, including liabilities moved to jurisdictions such as the Cayman Islands and Barbados, reached $1.1tn by the end of 2024, S&P said. The reinsurance deals come despite regulators and credit rating agencies warning of rising risks, with questions about whether the reinsurers have adequate assets to back up their promises to policyholders. Scrutiny intensified last year after the meltdown of 777 Re, a private equity-owned Bermudian reinsurer that had taken on significant exposure to assets connected to Josh Wander's Miami-based investment company, which collapsed last year after a failed attempt to buy football club Everton. The fallout hit US insurers that had ceded billions of dollars in assets to 777 Re through risk-transfer deals, and Utah's insurance commissioner asked a judge to place an insurer and two reinsurers connected with 777 Re into rehabilitation in March. Life insurers have used the global reinsurance sector for many years to spread their risks, such as customers living longer than expected. Read More What if you can't afford long-term care? But so-called asset-intensive or funded reinsurance, where the risks associated with both liabilities and the assets backing them are sent offshore, is raising concerns among regulators. Insurers' growing ties with alternative investment managers could also create conflicts of interest, according to Fitch Ratings. Athene, acquired in 2022 by Apollo, had transferred the risk associated with liabilities worth $193bn to its offshore affiliates by the end of 2024, according to a Fitch analysis of regulatory filings for the Financial Times, in a strategy that helped to fuel a record-breaking year of US annuity sales for the insurer. But traditional insurers such as MassMutual, with asset manager Centerbridge, and Prudential, with private equity group Warburg Pincus, have also made greater use of vehicles, in a sign of how private equity groups have reshaped retirement savings. Following the 777 scandal, Bermuda's financial watchdog said that it would more closely monitor connected-party assets. Both the Bermuda Monetary Authority and the US National Association of Insurance Commissioners have also recently announced new supervisory measures, such as additional reporting requirements on insurers' investment portfolios, which analysts at Fitch told the Financial Times had helped to address their concerns. Suzanne Williams-Charles, chief executive of a trade body for Bermuda reinsurers, told the Financial Times: 'We believe that the Bermuda reinsurance market — specifically, the life sector — does not pose a systemic risk.' But fresh concerns have emerged in other offshore jurisdictions over capital requirements, with prominent Bermuda reinsurers recently seeking to distance themselves from practices in the Cayman Islands. Athene chief executive James Belardi warned investors earlier this year of 'unabated growth' in the Cayman Islands, where he said that $150bn of insurance reserves were 'supported by a fraction of the capital required by the US or Bermuda'. The research from S&P found that total reserves ceded by US life insurers and annuity providers to reinsurers, including onshore groups, grew to more than $2.4tn at the end of last year.
Yahoo
14-05-2025
- Business
- Yahoo
Athene Prices $1,000,000,000 Investment Grade Senior Notes Offering
WEST DES MOINES, Iowa, May 14, 2025 (GLOBE NEWSWIRE) -- Athene Holding Ltd. ('Athene') today announced it has agreed to sell $1,000,000,000 aggregate principal amount of 6.625% senior notes due 2055. The offering is expected to close on May 19, 2025, subject to satisfaction of customary closing conditions. Athene intends to use the net proceeds from the offering for general corporate purposes, including capital contributions to its insurance subsidiaries to support organic growth. Morgan Stanley, BofA Securities, Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the offering. Apollo Global Securities, Academy Securities, BMO Capital Markets, Citigroup, Ramirez & Co., Inc. and SMBC Nikko are acting as co-managers for the offering. The notes are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission (the 'SEC'). This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, or solicitation to buy, if at all, will be made solely by means of a prospectus and related prospectus supplement filed with the SEC. You may obtain these documents without charge from the SEC at Alternatively, you may request copies of these materials from the joint book-running managers by contacting Morgan Stanley & Co. LLC toll-free at (866) 718-1649, BofA Securities, Inc. toll-free at (800) 294-1322, Goldman Sachs & Co. LLC toll-free at (866) 471-2526, or J.P. Morgan Securities LLC collect at (212) 834-4533. About Athene Athene is a leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. Forward-Looking Statements This press release contains, and certain oral statements made by Athene's representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks, uncertainties and assumptions that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words 'believes,' 'expects,' 'intends,' 'anticipates,' 'plans,' 'seeks,' 'estimates,' 'projects,' 'may,' 'will,' 'could,' 'might,' 'should,' or 'continues' or similar expressions. Forward-looking statements within this press release include, but are not limited to, statements regarding future growth prospects and financial performance. Although Athene management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. For a discussion of other risks and uncertainties related to Athene's forward-looking statements, see its annual report on Form 10-K for the year ended December 31, 2024, which can be found at the SEC's website All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Media ContactJeanne HessVP, External Relations+1 646 768 in to access your portfolio
