Filed Under:Markets, Company News

Iowa sets date for hearing on pending Aviva USA deal

Des Moines, Iowa Skyline.
Des Moines, Iowa Skyline.

Those hoping to get a glimpse behind the veil that has so far shrouded private equity firms’ drive to acquire fixed annuity businesses will get their chance fairly soon. The Iowa Insurance Commissioner has scheduled a July 17 hearing on the pending acquisition of Des Moines, Iowa-based Aviva USA by Apollo Global Management LLC-backed Athene Holding Ltd.

Since last year, private equity-backed insurers have been involved in the purchase of a number of annuity businesses, most predominately fixed annuity lines. Those deals have caught the eye of regulators and the industry alike. Most notably, Ben Lawsky, superintendent of the New York State Department of Financial Services, has spoken out about the possible negative repercussions that could arise from private equity firms owning annuity companies as well as the use of captives. In a similar vein, the NAIC has established a new subgroup to examine the role of hedge funds and private equity outfits in the annuity business.

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Nichole Morford

Nichole Morford
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