Athene Agrees to Acquire Presidential Life for $415 Million

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Athene was formed in 2008 by James Belardi, former chief investment officer of AIG (AIG.N) Retirement Services, and Chip Gillis, the former head of Bear Stearns' Insurance Solutions.

Bermuda-based Athene will pay $14 for each Presidential Life share, a 38 percent premium to the stock's Thursday close. Presidential's shares have not traded at the offer-price level in more than four years.

The company said the merger was not subject to financing conditions.

"The purchase of Presidential Life will create significant opportunities for growth," Athene CEO Belardi said in a statement.

Athene has been expanding through acquisitions. It bought Liberty Life, which was later renamed Athene Annuity, from Royal Bank of Canada RBC.TO in 2011 and Investors Insurance Corp from reinsurer SCOR SE (SCOR.PA) in the same year.
 
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