Athene Executes Block Reinsurance Transaction in Japan
November 26 2023 - 7:00PM
Athene Holding Ltd. (“Athene”), a leading provider of retirement
services products, has executed a block reinsurance transaction
with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer.
Under the terms of the agreement, Athene will reinsure an in-force
block of whole life insurance policies. In conjunction with the
transaction, Athene has also entered into an agreement to retrocede
the mortality risk associated with the block to Swiss Re, a leading
mortality reinsurer.
“We are pleased with this important extension of Athene’s
franchise overseas, which demonstrates the capabilities we have
developed to support the strategic objectives of insurance
companies in the Japanese market,” said Grant Kvalheim, President
of Athene. “We look forward to continued growth in this market by
delivering thoughtful, customized solutions to clients seeking
additional flexibility.”
“This transaction builds on the power of Apollo and Athene’s
combined offerings to insurers in Japan, helping them to provide
their policyholders and clients with long term retirement income,”
said Matthew Michelini, Apollo Partner and Head of Asia
Pacific.
Michael van Vuuren, FWD’s Group Chief Actuary, said, “We are
pleased to partner with Athene on this transaction, which furthers
our risk management objectives and delivers significant capital
benefits to FWD.”
This is Athene’s inaugural block reinsurance transaction in the
region. Since 2020, Athene has been active in the local new
business reinsurance market, with four flow reinsurance agreements
executed to date in Japan.
About AtheneAthene, through its subsidiaries,
is a leading financial services company specializing in retirement
services with gross invested assets of $261.2 billion as of
September 30, 2023 and operations in the United States, Bermuda,
Canada, and Japan. Athene specializes in helping its customers
achieve financial security and is a solutions provider to
institutions. Founded in 2009, Athene is Driven to Do
More for our policyholders, business partners and the
communities in which we work and live. For more information, please
visit www.athene.com.
Contact:
Jeanne HessVP, External Relations+1 646 768
7319jeanne.hess@athene.com
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