Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 244

Posts Tagged ‘athene’

RiskFirst Now Supporting the Pension Buyout Market

Posted by fidest press agency su venerdì, 14 giugno 2019

Athene, a rapidly growing pension annuity provider in the U.S., has adopted RiskFirst’s pension risk analytics and reporting platform, PFaroe, to enhance their monitoring capabilities for plan sponsors. Athene will use PFaroe’s on-demand liability and transaction price monitoring services to help plan sponsors evaluate risk, enabling those considering purchasing an annuity to transact at the optimal time.As the pension risk-transfer market undergoes significant growth – a trend expected to continue during 20191 – providing innovative, efficient, effective tools to enable plan sponsors to make the best financial decisions is becoming increasingly important.Sean Brennan, Head of Pension Risk Transfer (PRT), Athene, says: “We see real value in moving from monitoring liabilities and insurance prices on an ad hoc basis to a more frequent – even daily – basis. Through PFaroe, plan sponsors will have up-to-date financial metrics and data, and a robust set of analysis at their fingertips, allowing them to evaluate the attractiveness of insurance pricing against those key financial metrics quickly and easily.”PFaroe’s forecasting capabilities also provide the opportunity for plan sponsors to consider both the immediate and the long-term impact of market changes and strategic decisions on their plan.

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Athene Resolves Previously Disclosed Market Conduct Examination by New York State Department of Financial Services

Posted by fidest press agency su sabato, 30 giugno 2018

Athene Holding Ltd. (NYSE: ATH) (“Athene”) announced today that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a consent order with the New York State Department of Financial Services (NYSDFS). The agreement resolves a previously disclosed examination of ALICNY by the NYSDFS relating to a group of life policies reinsured to and administered by FAFLIC and its sub-contractor, DXC Technology (DXC).In connection with the acquisition of Aviva USA in 2013, Athene reinsured a block of life policies to FAFLIC and its affiliates. The administration issues identified by the NYSDFS in the consent order resulted from the conversion by FAFLIC and DXC of these policies from legacy Aviva systems to DXC’s systems. Under the terms of the agreements, FAFLIC has financial responsibility for the block and is subject to administrative service requirements required by applicable law. The agreements also provide for indemnification to Athene, including for administration issues.
As part of the resolution of the matter, the parties agreed to a remediation plan with a value of up to $40 million to resolve issues experienced by affected policyholders. The consent order also provides for a $15 million civil penalty. Under the terms of the agreements between FAFLIC and Athene, FAFLIC bears financial responsibility for the settlement.The activity in the consent order does not involve Athene’s new business, which is issued and administered by a separate New York entity, administration system and procedures.Athene has a strong commitment and track record of providing high quality service to its policyholders and will continue to work with FAFLIC as the remediation matters are implemented.

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