Bermuda’s insurance firm Athene Holding has agreed to acquire Delta Lloyd Deutschland and its subsidiaries (DLD) from Amsterdam-based financial services provider Delta Lloyd.

Delta

Terms of the deal have not been disclosed.

Based in Wiesbaden of Germany, DLD offers retirement savings products in the country and had assets of around €4.3bn ($5.1bn), as of September 2014.

Athene Holding CEO James Belardi said: "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.

"The purchase of DLD provides Athene with an excellent entry point into the German marketplace."

As part of the deal, Athene will acquire DLD’s employee base and management team and use its existing location in Wiesbaden as the headquarters of its German operations.

The company intends to add positions to support its German business strategy, and plans to operate DLD within its current business model that has been selling new business since 2010, and will continue to service its existing customers.

Subject to regulatory approvals, DLD will operate under the Athene name after closing, which is expected to be completed in the third quarter of 2015.

Athene, through its subsidiaries, provides products in the retirement savings market. Its product include retail fixed and indexed annuity products, institutional products such as funding agreements and co-insurance and reinsurance arrangements with third-party annuity providers.


Image: Delta Lloyd building, Amsterdam, Netherlands. Photo: courtesy of M.Minderhoud.