Bermuda-based Athene Annuity & Life Assurance Company (Athene Annuity) has completed the acquisition of US-based Presidential Life, which markets and sells various fixed annuity, life insurance and accident and health insurance products.

The transaction has been valued at nearly $414m.

Athene Holding and Athene Annuity CEO James Belardi said, "The acquisition of Presidential Life gives Athene a presence in all 50 states and creates significant opportunities for growth in our retail sales and reinsurance operations."

"We continue to build a market-leading retirement savings company through a combination of organic growth, reinsurance and strategic acquisitions," Belardi added.

Based on the terms of the deal, Presidential Life stockholders will receive $14 in cash for each share of Presidential Life common stock.

Sandler O’Neill + Partners served as the financial advisor to Presidential Life and offered a fairness opinion to the board of directors of Presidential Life pertaining to the transaction.

Proskauer Rose and Sidley Austin served as counsel to Presidential Life and Athene, respectively.

As of 30 September 2012, Presidential Life Insurance Company had nearly $3.5bn of admitted assets.

Athene Annuity is a wholly owned subsidiary of Athene Holding, which mainly focuses issuing and reinsuring fixed and equity indexed annuities and writing funding agreements and funding agreement-backed notes.