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Confirming an earlier report, Voya Financial Inc. said it agreed to divest substantially all of its closed block variable annuity segment and its individual fixed and fixed indexed annuity business to an investor group led by affiliates of Apollo Global Management LLC, Crestview Partners LP and Reverence Capital Partners LP.
Voya Insurance and Annuity Co., which has primarily issued Voya Financial's variable, fixed and fixed indexed annuities, will be acquired by Venerable Holdings Inc., a newly formed investment vehicle owned by a consortium of investors led by Apollo, Crestview and Reverence. Athene Holding Ltd. and Voya Financial also will participate in the consortium and the latter will have a 9.9% equity stake in the vehicle.
Following the acquisition of Voya Insurance, Venerable will hold substantially all of the variable annuities in Voya Financial's closed block variable annuity segment with account value of approximately $35 billion based on June 30 balances.
In connection with the above transaction, Athene signed a definitive agreement to reinsure approximately $19 billion of Voya Financial's fixed and fixed indexed annuities, which will be administered by Venerable, and Athene Asset Management will...