Iowa’s insurance regulator has approved the acquisition of West Des Moines-based AvivaUSA and subsidiaries by Athene Holding Ltd., a life insurance company owned primarily by private equity fund Apollo Global Management.
Iowa Insurance Commissioner Nick Gerhart said in a statement he approved the acquisition with conditions which prohibit Aviva Life from paying dividends or other distributions to shareholders for five years unless previously approved. Any changes in the company’s plan of operations must also receive prior commissioner approval.
Athene agrees to increase policy reserves by $150 million.
Gerhart says the measures enhance consumer protection.
The companies announced the $1.8 billion deal in December.
Aviva will be rebranded Athene USA. It will continue to be based in the $135 million West Des Moines headquarters built in 2010.