In the News


June 1, 2018
Venerable Holdings Completes Sale from Voya Financial
The newly formed Venerable Holdings, Inc. (“Venerable”) today announced the completion of its acquisition of Voya Financial, Inc.’s (“Voya”) (NYSE: VOYA) Closed Block Variable Annuity (CBVA) business. As announced in December 2017, Voya has divested its CBVA business to Venerable, a private company established to serve as a leading industry solution for the consolidation of variable annuity blocks. Venerable was created by a consortium of investors led by affiliates of Apollo Global Management, LLC (NYSE: APO), Crestview Partners and Reverence Capital Partners. Athene Holding Ltd. (NYSE: ATH) and Voya also own minority positions in Venerable.
Dec. 21, 2017
Voya Financial to Sell Closed Block Variable Annuity and Fixed and Fixed Indexed Annuities Businesses
Voya Financial, Inc. (NYSE:VOYA), announced today that it will divest substantially all of its Closed Block Variable Annuity (CBVA) segment and its individual fixed and fixed indexed annuity business through an agreement with a consortium of investors led by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO), Crestview Partners (“Crestview”) and Reverence Capital Partners (“Reverence”). In addition to significantly reducing market and insurance risk, the agreement will enable Voya to focus on its higher-growth, higher-return, capital-light Retirement, Investment Management and Employee Benefits businesses.
Dec. 21, 2017
Investor Group to Acquire Voya’s Closed Block Variable Annuity Business
An investor group led by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE:APO), Crestview Partners (“Crestview”), and Reverence Capital Partners (“Reverence”), today announced they have entered into a definitive agreement to acquire Voya Financial, Inc.’s (“Voya”) (NYSE:VOYA) Closed Block Variable Annuity business (the “CBVA Business”)