Athene Acquires U.S. Life Company from SCOR
July 20, 2011 by Allison Bell
By ALLISON BELL
Athene Holdings Ltd. has moved ahead
with efforts to build an annuity supplier by completing previously announced
plans to buy Investors Insurance Corp. from SCOR S.E.
Athene, Hamilton, Bermuda, announced in February that it would be paying $55
million to acquire the company from SCOR S.E., Paris.
Investors Insurance, Jacksonville, Fla., was founded in 1956 and focuses on
selling fixed annuities.
James Belardi, chairman of the Athene holding company, was president of AIG
SunAmerica, a unit of American International Group Inc., New York (NYSE:AIG),
from 1998 to 1999, then executive vice president of the AIG Retirement Services
unit from 1999 to 2006. He left AIG to start Athene in 2006.
Athene acquired Investors Insurance “to execute its plan to build a
market-leading retirement services company through a combination of organic
growth, reinsurance and strategic acquisitions,” Belardi says in a statement
about the deal with SCOR. “Strong consumer demand for annuity solutions has
created significant opportunities for us in the retail space.”
Athene acquired Liberty Life Insurance Company from Protective Life Corp.,
Birmingham, Ala. (NYSE:PL), in April 2011.
Athene also is building a retail marketing and sales distribution
organization in Wilmington, Del., and has hired Christopher Grady, formerly the
president of the U.S. distribution and marketing division at Genworth Financial
Inc., Richmond, Va. (NYSE:GNW), to lead the retail operation, Athene says.