AM Best has assigned Financial Strength Ratings of A (Excellent) and Long-Term Issuer Credit Ratings of “a+” (Excellent) to Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd. both domiciled in Bermuda. These two entities will be subsidiaries of Athene Holding Ltd. and collectively referred to as Athene Group (Athene). The outlook assigned to these Credit Ratings (ratings) is positive.
The ratings of Athene Co-Invest Reinsurance Affiliate 2A Ltd. reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The ratings of Athene Co-Invest Reinsurance Affiliate 2B Ltd. reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate ERM.
The ratings of Athene are being extended to these companies due to their strategic role in the group’s business strategy, and the explicit financial support provided by its affiliates and investors. These companies will operate like a sidecar for Athene, providing access to on-demand third-party equity capital to support new business growth. The ability to access external funding through external capital commitments provides Athene increased flexibility in executing new business transactions but also is expected to be accretive to consolidated earnings through management fees earned, as opposed to the interest expense of utilizing debt financing.
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