Bermuda-based insurance holding company Athene Holding has completed the acquisition of a German life insurance firm.

Athene bought Delta Lloyd Deutschland AG (DLD) and its subsidiaries from Dutch-based Delta Lloyd.

Athene Holding CEO James Belardi said: “We are pleased that DLD is now a part of the Athene family.

“We look forward to DLD contributing to Athene’s profitability and growth objectives while continuing to focus on policy protection and risk management.”

DLD, based in Wiesbaden in the German state of Hesse, provides life insurance products in the German market to around 350,000 customers.

The firm will begin to rebrand to the Athene name this year.

DLD CEO Christof Goldi said: “We will benefit greatly from Athene’s asset and risk management expertise as well as from its strong capital position.

“Together, we will focus on further developing our profitable and growing business.”

Athene Holding, through its subsidiaries, is a leading provider in the retirement savings market with assets of $80.6 billion at the end of last year and also owns Bermuda-based reinsurer Athene Re, while DLD has assets of around $6 billion.