Athene Holding, a Bermuda-based life insurance holding company, has announced that it will acquire Delta Lloyd Deutschland (DLD) and its subsidiaries from Delta Lloyd, an Amsterdam-based financial services provider.
DLD is based in Wiesbaden, Germany, and provides retirement savings products to the German market. DLD had assets of approximately €4.3 bn ($5.1 bn) as of 30 September, 2014. The terms of the transaction were not disclosed, but in a statement Athene said that the deal is expected to close by the third quarter of 2015, subject to regulatory approvals.
"We see significant net investment spread opportunities with DLD and believe our core operating principles of policyholder protection, risk management and excellence in asset management match up well with the needs of the German life insurance industry," said James Belardi, CEO of Athene. "The purchase of DLD provides Athene with an excellent entry point into the German marketplace."
Athene said that it will retain DLD's employee base and management team and use its existing location in Wiesbaden as the headquarters of Athene's German operations.
