LONDON–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of B++
(Good) and the Long-Term Issuer Credit Ratings of “bbb+” of Athora
Holding Ltd.’s (Athora) subsidiaries, Athora Life Re Ltd. (Bermuda) and
Athora Ireland plc (Ireland), remain unchanged following the recent
announcement by Athora that it has agreed to acquire VIVAT N.V. (VIVAT),
the Dutch life insurance operations of Anbang Group Holdings Co. Limited.
Athora entered into a definitive agreement to acquire VIVAT on Thursday,
6 June 2019. NN Group N.V. has partnered with Athora and will acquire
VIVAT’s non-life operations, whilst Athora will retain VIVAT’s life
insurance and asset management activities.
Athora’s agreement to acquire VIVAT is in line with the company’s
strategy to acquire European life insurance liabilities in which the
associated investment assets can benefit from Athora’s investment
management capabilities. The addition of VIVAT’s EUR 56 billion of
consolidated assets and 2.2 million policyholders will bring Athora’s
consolidated assets to EUR 70 billion and its number of policyholders to
approximately 3 million. However, the acquisition will not be held by,
and is not significant for, Athora’s rated subsidiaries.
The scale of the acquisition is consistent with the capital already
committed by Athora’s shareholders, and Athora intends to establish
further capital commitments from its shareholders to continue the
group’s development. AM Best regards the sale of VIVAT as reflecting the
circumstances of its owner and views both VIVAT and the continuing
Athora group as well-capitalised.
This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
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unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Contacts
Anthony Silverman
Associate Director
+44 20
7397 0264
[email protected]
Mahesh Mistry
Senior Director, Analytics
+44
20 7397 0325
[email protected]
Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159
[email protected]
Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644
[email protected]
