Athene and Fidelity & Guaranty Commence Participation in BCG’s Monthly Annuity Buyout Pricing Survey
BRAINTREE, MA, November 23, 2021 — Athene Holding Ltd.¹ (“Athene”) and Fidelity & Guaranty (“F&G”) are now participating in BCG’s monthly annuity buyout pricing survey, effective this month.
Athene entered the US Pension Risk Transfer (“PRT”) market in 2017 and, as of November 3, 2021, has closed 30 PRT transactions totaling approximately $28 billion in assumed liabilities and covering more than 390,000 participants. Through its subsidiaries, Athene has become a leader in the PRT market, with a track record of completing large-scale transactions that help plan sponsors meet their pension obligations while providing income security for their plan participants and their spouses and beneficiaries. Athene specializes in helping its customers achieve financial security and is a solutions provider to institutions. Through its subsidiaries, Athene has been serving corporate and retail customers for over a century with policyholder protection as its top priority.
F&G entered the US PRT market in the second quarter of 2021 and has had a strong start year-to-date, writing PRT annuities across multiple transactions as of 10/31/2021. F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of annuity and life insurance products and is headquartered in Des Moines, Iowa.
In total, there are 19 PRT insurers currently active in the market, with eleven new entrants since 2014. Of the 19 insurers, 13 are now participating in BCG’s monthly pricing survey. Other participating insurers include AIG, Legal & General, MassMutual, MetLife, Mutual of Omaha, OneAmerica, Pacific Life, Principal, Prudential, Securian Financial and Western & Southern.
BCG uses the rates gathered in its survey to estimate annuity buyout pricing as part of its PRT Analysis service to help clients set PRT strategy and to provide ongoing monitoring of annuity pricing for its clients via its Customized Buyout Price Monitoring (“CBPM”) service and also to compile the BCG PRT Index, which is the longest standing pension buyout index in the United States. The Index provides an easy comparison of annuity pricing to various important pension liability measures.
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BCG specializes in assisting defined benefit plan sponsors with managing the costs and risks associated with their pension plans. Since 1983, BCG has successfully helped over 2,000 organizations achieve their pension de-risking goals. Our clients range from publicly-traded companies, to privately held firms, and include healthcare, banks and not-for-profit organizations. BCG helps clients with the full range of pension de-risking strategies from liability driven investing approaches to partial or full pension risk transfer, including navigating the complex and lengthy process of plan termination. BCG frequently works in collaboration with financial advisors, consulting actuaries, institutional investment consultants, asset managers and law firms. BCG is headquartered in Braintree, MA with satellite offices across the US. Please visit our website at: www.bcgpension.com.
¹ Contracts are issued by Athene Annuity and Life Company, West Des Moines, IA, in all states (except New York), and in D.C. and PR. For New York residents, contracts are issued by Athene Annuity & Life Assurance Company of New York, Pearl River, NY. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Products may not be available in all states.
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