ATHENE HOLDING LTD. (NYSE:ATH) Files An 8-K Other EventsItem 8.01Other Events.
Reinsurance Agreement
On December 7, 2018, Athene Life Re Ltd. (“ALRe”), a wholly owned subsidiary of Athene Holding Ltd. (the "Company"), entered into an agreement with The Lincoln National Life Insurance Company (“Lincoln”), effective as of October 1, 2018 (the “Reinsurance Agreement”), to which ALRe reinsured an 80% quota share of a block of fixed deferred and fixed indexed annuity liabilities from Lincoln on a modified coinsurance basis. The aggregate ceded reserves subject to the Reinsurance Agreement as of October 1, 2018 were approximately $7.7 billion. In connection with the transaction contemplated by the Reinsurance Agreement, the Company deployed approximately $700 million of capital in the aggregate, which includes a ceding commission paid by ALRe. At a later date, ALRe may elect to cede a minority share of the liabilities under the Reinsurance Agreement to an affiliate.
Share Repurchase Program
On December 5, 2018, the Board of Directors of the Company (the "Board") approved a new share repurchase program (the "Program"), to which the Company is authorized to repurchase of up to $250 million of Class A common shares in the aggregate. Under the Program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, within the guidelines approved by the Board. The size and timing of repurchases under the Program will depend on legal requirements, market and economic conditions and other factors. Repurchases under the Program are solely at the discretion of the Company and may occur in one or more transactions or may not occur at all. The Program has no expiration date, but may be modified, suspended or terminated by the Board at any time.
About ATHENE HOLDING LTD. (NYSE:ATH)
Athene Holding Ltd. (Athene Holding) is a Bermuda-based life insurance holding company. The Company is principally focused on the retirement market and whose business, through its subsidiaries, is focused on issuing or reinsuring fixed and equity indexed annuities. Athene Holding’s subsidiaries are Athene Annuity & Life Assurance Company, Athene Life Insurance Company, Investors Insurance Corp, and Athene Life Re Ltd. The products offered by Athene Holding, through its subsidiaries, include retail fixed and equity indexed annuity products; institutional products, such as funding agreements, and co-insurance and reinsurance arrangements with third-party life insurance and annuity providers. Assets of Athene Holding’s subsidiaries are managed by Athene Asset Management LLC.