Apollo and Reinsurance Group of America Subsidiary collaborate on a $500 million capital solution

Rhea-AI Summary

Apollo (NYSE: APO) announced a $500 million investment into surplus notes from Chesterfield Reinsurance Company, a subsidiary of RGA. This marks Apollo’s second transaction with RGA, utilizing its expertise in insurance and multi-asset credit. Jamshid Ehsani, an Apollo Partner, expressed confidence in Apollo's role as a long-term capital partner for leading reinsurance companies, highlighting the firm's capability to create scalable investment solutions. As of December 31, 2022, Apollo managed approximately $548 billion in assets, emphasizing its commitment to delivering high-quality credit investment opportunities.

Positive

• Apollo secured a $500 million investment in Chesterfield Reinsurance Company, indicating strong market presence.
• This transaction demonstrates Apollo's expertise in creating bespoke investment solutions within the reinsurance sector.
• Apollo's partnership with RGA could lead to future collaborative investment opportunities.
• Apollo manages approximately $548 billion in assets, reflecting robust financial health and investor confidence.

Negative

• None.

NEW YORK, March 30, 2023 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the close of an agreement for Apollo affiliated insurance companies, third-party insurance managed accounts, and other institutional clients (“Apollo”) to invest $500 million into surplus notes issued by Chesterfield Reinsurance Company, a wholly owned indirect subsidiary of Reinsurance Group of America, Incorporated (“RGA”).

The bespoke, high-grade investment solution was Apollo’s second transaction with RGA and leveraged cross-platform expertise, including in insurance, insurance-linked securities, and multi-asset credit.

Apollo Partner Jamshid Ehsani said, “Apollo is pleased to serve as a long-term strategic capital partner to some of the world’s leading reinsurance companies, a role we believe we are uniquely positioned to fill. Our ability to structure creative, scaled solutions at a wide range of capital costs differentiates us from other platforms and provides attractive investment opportunities for our affiliated and third-party insurance clients and other investors seeking high quality credit.”

Latham & Watkins served as legal counsel to Apollo, while Sidley Austin acted as legal counsel to RGA. Apollo Capital Solutions provided structuring and syndication services in connection with the transaction.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2022, Apollo had approximately $548 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

FAQ

What is the significance of Apollo's $500 million investment in Chesterfield Reinsurance Company?

Apollo's $500 million investment indicates its strategic role as a long-term capital partner in the reinsurance sector, showcasing its expertise and market confidence.

When did Apollo announce the investment in Chesterfield Reinsurance Company?

Apollo announced the investment on March 30, 2023.

What is the stock symbol for Apollo?

The stock symbol for Apollo is APO.

How does this investment impact Apollo's business strategy?

This investment aligns with Apollo's strategy of leveraging its expertise in insurance and multi-asset credit to create tailored investment solutions.

What assets does Apollo manage as of the latest report?

As of December 31, 2022, Apollo managed approximately $548 billion in assets.