Athene Holding (ATH) Issues Statement on Notice from California Department of Insurance
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On June 11, a subsidiary of Athene Holding Ltd. (NYSE: ATH) received notice of a regulatory matter from the California Department of Insurance regarding Accordia Life and Annuity Company and Athene. 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 (an affiliate of DXC Technology, “Alliance-One”).
In 2013, in connection with the acquisition of Aviva USA, Athene reinsured a block of life insurance policies to Accordia. As previously described in our public disclosures, including our most recently filed Form 10-Q on May 4, 2018, the administration issues described above 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.
Athene has a strong commitment and track record of providing high quality service to its policyholders. Athene fully intends to work with the California Department of Insurance and Accordia to resolve the matter appropriately.
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