Athene Scores $3.8 Billion of Pensions From Bristol-Myers Squibb

Athene Holding Ltd., the annuity seller with ties to Apollo Global Management LLC, is making good on its promise to do more deals.

The agreement to take on as much as $3.8 billion in pension liabilities from Bristol-Myers Squibb Co. is more than double the amount of all of its other pension-risk-transfer transactions this year. The deal was the first of its kind, because it covers more than 24,000 current and former employees as well as beneficiaries, Athene said Dec. 3.

“This transaction represents the largest full-plan termination to date that includes both retirees and non-retirees,” Sean Brennan, head of ...