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Athene annuity unit lands MillerCoors group annuity contract

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Athene annuity unit lands MillerCoors group annuity contract

Athene Holding Ltd. unit Athene Annuity & Life Co. secured a group annuity contract with MillerCoors LLC for more than 6,000 retirees and beneficiaries.

The Molson Coors Brewing Co. unit expects to reduce its pension projected benefit obligation by more than $900 million with the contract.

Athene will begin benefit payments to affected plan participants May 1, 2018.

MillerCoors engaged State Street Global Advisors as an independent fiduciary to choose the insurer. Willis Towers Watson served as strategic adviser and Jones Day was legal counsel to MillerCoors in the transaction.