by John Darer CLU ChFC MSSC RSP CLTC
Insights into Aviva Payment Date Delays after Acquistion
If you were receiving structured settlement payments from a structured settlement annuity that was originally issued by one of the Aviva structured settlement companies (such as Aviva Life Insurance Company, Aviva Life Insurance Company of New York, CGU Life Insurance Company, CGU Life Insurance Company of New York and predecessor structured settlement issuing companies), there may have come a time where you noticed a delay in payment dates that you have become accustomed to from Aviva structured settlement , and wondered whether it was legitimate. It was legitimate, but unfortunately inconvenient. Here’s some insight into why it happened.
Aviva ceased writing structured settlement annuities in 2008
In October 2013 the US operations of Aviva were sold to Athene Holding Ltd. Athene Holding, through its subsidiaries, is a leading provider of products in the retirement savings market. Athene’s principal subsidiaries include Athene Annuity & Life Assurance Company and Athene Life Insurance Company, Delaware-domiciled insurance companies, Aviva Life & Annuity Company, an Iowa-domiciled insurance company, Presidential Life Insurance Company and Aviva Life & Annuity Company of New York, New York domiciled insurance companies, and Athene Life Re Ltd., a Bermuda-based reinsurer.
Athene was gaining prominence at the time of the Aviva aquisition
However, its entities did not issue structured settlement annuities at the time of the original posting**.
So there was no new premium coming in and the acquired portfolio is in run off. When a portfolio is in run off, the acquirer hopes to make a profit on its investment spread and savings on administrative costs.
Decision to Use Third Party Administrator (TPA)
The “delay” was due to decision by Athene to use a Third Party Administrator (TPA), Concentrix, a fintech company which, ostensibly due to the anticipation of increased operational efficiencies, mitigated the need to send out payments so far in advance to result in payments to be made on time.
Although not legally obligated to do so for non-electronic payments, Aviva consistently mailed payments well in advance to ensure timely receipt. It was not uncommon for payments to be sent as early as 20 days before the due date.
As a result, many annuitants grew accustomed to receiving payments earlier than the dates specified in the settlement agreements or qualified assignments, leading them to arrange their bill payments based on the expectation of earlier disbursements. Athene issued written notices to the annuitants.
888-285-4332, the former Aviva and Athene structured settlement customer service number is now answered by employees of Concentrix as the “Athene Structured Settlement Annuity and Immediate Payout Department” (re-confirmed with Concentrix in a call to the aformentioned number on July 30, 2025)
**12 years later, Athene is a leading underwriter of annuities and an underwriter of new structured settlement annuities, rolling out its underwriting and distribution program beginning in Q3 2025. See Structured Settlement Annuities (SSA) & Payments | Athene, and a mention in by March 13, 2025 Settlement News Network blog Structured Settlements | Plenty to Look Forward to in 2025
Last updated July 30, 2025