Bermudian life reinsurer Athene Holding Ltd is spinning off Ager Bermuda Holding Ltd, the holding company of its European operations.

Ager’s main subsidiary is Athene Lebensversicherung, based in Wiesbaden, Germany, and it specialises in life run-off business.

Athene will remain a minority shareholder in Ager along with other global investors including private-equity firm Apollo Global Management, LLC. Athene will also be “a preferred reinsurer for AGER’s spread liabilities”, the company said, and have representation on its board of directors.

Ager will change its name to Athora Holding Ltd, effective mid-January 2018.

“The new name and look reflects Ager’s expanded capabilities and the exciting direction the company is taking, conveying a highly efficient, constantly improving business with an analytical approach to success for all stakeholders,” the company stated.

Ager raised around €2.2 billion in April 2017, laying the foundation for its European growth plans and furthering its “goal of becoming the premier European run-off consolidator and life reinsurance partner”.

In August last year, Ager announced its intention to acquire Aegon Ireland, a Dublin-based insurer, and expects to draw down capital to close the acquisition in the first quarter of 2018.