NY regulator scrutinises Athene, Aviva deal - report.

M2 EQUITYBITES-July 16, 2013-NY regulator scrutinises Athene, Aviva deal - report(C)2013 M2 COMMUNICATIONS http://www.m2.com

16 July 2013 - The New York Department of Financial Services is mulling whether to ban the planned USD1.55bn (EUR1.2bn) acquisition of the US life insurance business that belongs to Aviva Plc (LON:AV) by Athene Holding Ltd, sources told the Wall Street Journal.

The New York agency is worried that private equity firms are becoming increasingly involved with contracts known as fixed annuities via their insurance ventures. For this reason, the regulator is forcing Bermuda-based insurer Athene, itself backed by investment firm Apollo Global Management LLC (NYSE:APO), to agree to tougher disclosure and capital requirements that do not apply...

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