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Athene issues statement on California Department of Insurance notice

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Athene issues statement on California Department of Insurance notice

After its subsidiary received a legal notice from the California Department of Insurance, Athene Holding Ltd. said it would work with Accordia Life & Annuity Co. and the regulator to resolve the matter appropriately.

Athene noted that the matter involves administration issues relating to certain California life insurance policies that were reinsured to Accordia and administered by a third-party sub-contractor that was retained by Accordia, Alliance-One Services. In 2013, in connection with the acquisition of Aviva USA, Athene reinsured a block of life insurance policies to Accordia, and the administration issues resulted from the conversion by Accordia and Alliance-One of these policies from legacy Aviva systems to Alliance-One systems.

Under the terms of the agreements, Accordia and its affiliates have financial responsibility for the block and are subject to significant administrative service requirements including compliance with applicable law. The agreements also provide for indemnification to Athene, including for administration issues. The activity at issue does not involve Athene's new business, which is administered under separate administration systems and procedures.