by John Darer® CLU ChFC MSSC RSP CLTC Updated September 14, 2026
Presidential Life Corporation (“Presidential Life”), a Delaware corporation headquartered in Nyack, NY, and Athene Holding Ltd. (“Athene”), a Bermuda-based holding company, today announced a definitive agreement for Athene subsidiary, Athene Annuity and Life Assurance Company to acquire Presidential Life for $14.00 per share in cash, representing an aggregate purchase price of approximately $415 million.
Presidential Life—long known for marketing fixed annuities, life insurance, and accident and health products through its wholly owned subsidiary, Presidential Life Insurance Company (and historically a structured‑settlement annuity writer in the 1980s and early 1990s)—is set to be acquired by Athene’s wholly owned subsidiary, Athene Annuity & Life Assurance Company, a Delaware‑domiciled insurer focused on retail fixed and indexed annuity sales and reinsurance.
Presidential Life, Athene Annuity and Eagle Acquisition Corp. a newly formed wholly owned subsidiary of Athene Annuity, have entered into an Agreement and Plan of Merger, dated July 12, 2012, pursuant to which Eagle will merge with and into Presidential Life, with Presidential Life surviving the merger as a wholly owned subsidiary of Athene Annuity. The deal is subject to te relevant regulatory approvals and is due to close before the end of 2012. (Source:Business Wire)
The brand Athene Annuity entered the retail annuty market in July 2011, although its roots go back over 100 years. It was formerly called Liberty Life Insurance Company**. It holds a B++ (good) rating from A.M. Best***
For the first quarter of 2012 its 7 year market value adjusted annuity was named one of the five best selling annuities in the United States.
IMPORTANT NOTICE
** Liberty Life Insurance Company is no relation to Liberty Life Assurance Company of Boston, a current issuer of structured settlement annuities and funding instruments for non qualified assignments, which is a subsidiary of Liberty Mutual Insurance Company.
INTERESTING TIDBIT AND OBSERVATION A September 8, 1991 article by Eric N. Berg of the New York Times stated that by the end of 1990, more than 50% of Presidential Life’s assets were invested in junk bonds, representing 12 times its capital and surplus. This was on par with Executive Life.
Yet more than two decades later, unlike Executive Life Insurance Company of New York (ELNY)
- Presidential Life Insurance Company WAS NOT subject to a take over by the New York Insurance Department ( now Department of Financial Services) or a ‘houseguest’ of the New York Liquidation Bureau
- Presidential Life Insurance Company is still a going concern
- All of Presidential Life structured settlement annuity holders have been paid 100% of their payments and ARE NOT subject to shortfalls.
Subsequent Developments
Athene Sale to Global Atlantic and Rebranding as Aspire Life Insurance Company of New York
Following the 2012 acquisition, Athene operated the former Presidential Life Insurance Company through its New York‑domiciled subsidiary until 2021, when Athene sold the New York entity to Global Atlantic Financial Group. After regulatory approval, the company was renamed Aspire Life Insurance Company of New York, where it continues to operate today under Global Atlantic’s ownership. Because the former Presidential Life business is no longer part of Athene, current financial strength ratings should reference Aspire Life Insurance Company of New York, not Athene.
Related Reading
Presidential Life Corporation and Athene Holding Ltd. Joint Press Release issued on July 13, 2012 (sec.gov)
Presidential Life Corporation To Be Acquired By Athene Annuity & Life Assurance Company – Insurance News | InsuranceNewsNet July 13, 2012
Aspire Life Insurance Company of New York – A.M. Best Rating Disclosure Report (August 27, 2026)***
Aspire Life Insurance Company of New York – Fitch Ratings (August 11, 2026)***
Archive Update — September 14, 2026: This entry has been updated to reflect current credit ratings for Aspire Life Insurance Company of New York and to correct legacy migration issues from earlier platform transitions. The original 2012 transaction details remain unchanged for historical accuracy.
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