Athene Fined $45 Million


Athene Holding Ltd. paid a $45 Million fine to the State of New York for violations related to its pension de-risking business operated by its subsidiary Athene Annuity & Life Corporation. The New York State Department of Financial Services (DFS) discovered that Athene both solicited and did insurance business in New York without a license. According to the DFS, Athene entered into fourteen pension de-risking transactions involving thousands of New York residents, including two transactions involving New York based defined benefit plan sponsors. As part of the settlement with the State of New York, Athene will transfer certain transactions to its New York licensed subsidiary, Athene Annuity & Life Insurance Company of New York.