Athene Holding Ltd. on Wednesday announced it has completed its acquisition of Aviva USA Corp. and its subsidiaries, including Iowa-domiciled Aviva Life and Annuity Co., and New York-domiciled Aviva Life and Annuity Co. of New York. 

Athene also announced that it has completed the sale of Aviva USA’s life insurance operations to Presidential Life Insurance Co. – USA, a wholly owned subsidiary of Commonwealth Annuity and Life Insurance Co. and part of the Global Atlantic Financial Group. Terms of that deal were not disclosed.

Athene purchased Aviva USA for approximately $1.55 billion, prior to purchase price adjustments made at closing. Following the deal’s close, Athene has approximately $60 billion in assets, making it one of the largest fixed annuity companies in the United States.

Athene Chief Executive Officer Jim Belardi said in a press release: “Our acquisition of Aviva USA is a transformative event that significantly increases the scale of Athene’s fixed annuity business and we are excited about our prospects for further profitable growth. Aviva’s operational capabilities and talented workforce will enable Athene to solidify our position as a market-leading provider of retirement solutions to policyholders and distributors. At the same time, we will offer attractive opportunities for employees and create greater value for our shareholders.”

 Aviva USA has been renamed Athene USA, which is the parent for Athene’s U.S operations and is now headquartered in West Des Moines.

 Athene Holding is owned by several institutional investors, with its largest shareholder being AP Alternative Assets, L.P., a closed-end, publicly traded permanent capital vehicle managed by Apollo Global Management LLC, a leading alternative investment manager.