Path cleared for Apollo purchase of Aviva annuity business

|About: Apollo Global Management... (APO)|By:, SA News Editor

Ben Lawsky - NY's chief financial services regulator - signs off on Apollo Global's (APO) purchase (through Athene Holding) of Aviva's (AV) U.S. annuities business after Apollo agrees to take steps to ensure policyholders are protected.

Included will be quarterly - rather than annual - filings on capital levels, and the setup of a "backstop trust account."

Lawsky had questioned whether P-E companies are suitable custodians of annuity businesses, a stance which also delayed the sale of Sun Life's (SLF) annuity business to Guggenheim Partners (he's signed off on that one too).