Iowa gives nod to Aviva sale
August 15, 2013 by N/A
DES MOINES, Iowa —Iowa Insurance Commissioner Nick Gerhart approved the acquisition of Aviva Life and Annuity Company by Athene/Apollo Thursday.
“We’re very pleased that we can expect to see this company continue its operations in Iowa under new ownership, while maintaining for the Division appropriate oversight of its activities going forward,” said Gerhart in a news release issued Thursday. “This review of the proposed purchase has been a good process dealing with an important transaction. Going forward, this company will now join Iowa’s other fine domestic companies in the same pattern of required financial filings and on-site examinations with which we have maintained Iowa’s record for insurance company solvency for decades.”
The approval was based on conditions including that Aviva will pay no ordinary or extraordinary dividends or other distributions to shareholders for five years, unless approved by the commissioner and voluntarily increase policy reserves by an additional $150 million.
Last December, Aviva USA said it would be renamed Athene USA. The headquarters will remain in West Des Moines.
The Iowa Insurance Division supervises all insurance and securities business transactions in the state, and enforces Iowa’s insurance and securities laws and regulations.
