Nyack, July 14 — Presidential Life, a Nyack business that sells life, accident and health insurance and fixed, deferred and immediate annuities to financial service professionals, has agreed to be acquired Athene Holding Ltd, a Bermuda-based holding company.
‘€œI am pleased to announce this agreement, which provides our shareholders with a significant cash premium for their shares,” said John McMahon, Chairman of the Board of Presidential Life. “We believe this transaction is in the best interest of our shareholders,’€ McMahon said in a story reported by InsuranceTech.com.
Athene Annuity & Life Insurance Company, a subsidiary of Bermuda-based Athene Holding, will pay $14 a share for Presidential Life — 38 percent premium over Presidential Life’s Friday closing share price of $10.14, according to Bloomberg News.
Presidential Life’s offices are adjacent to Nyack’s Village Hall at the corner of Main and Broadway in the village. The company was founded in 1965 and has grown from a single storefront office selling selling life insurance and annuity policies in a few nearby counties to supporting a field staff of 15,000 who work in all 50 states.
Athene manages $10 billion in assets that include reinsurance transactions, retail sales of fixed annuities, and sales of institutional funding agreements.
Apollo Global Management LLC is the backer behind Athene, which private equity manager Leon Black built into an $86 billion asset manager by investing in distressed debt and bank loans, according to Bloomberg. In 2010, Athene purchased the Royal Bank of Canada’s U.S. life insurance business for $628.1 million. Leon Black was the anonymous buyer of Edvard Munch’s painting ‘€œThe Scream’€ for $119.9 million in an auction last May, as reported by the Wall Street Journal. His $750 private art collection includes drawings by Raphael and Vincent van Gogh and watercolors by J.M.W. Turner.