AVIVA USA BOSS LITTLEFIELD NOT PART OF NEW OWNER'S PLANS

Chris Littlefield, CEO of Des Moines, Iowa-based Aviva USA, does not figure in the plans of City-Apollo Global Management, the private equity firm which will be taking over the company, providing the Iowa Insurance Division approves the deal, reports Des Moines Register. Bermuda-based Athene Holding, the insurance arm of Leon Black's private equity fund, is buying Aviva USA for $1.8bn, $1.1bn less than Aviva paid for it in 2006 (IIN 24, May 2 2013). And intends to rename the merged operation Athene USA. In memos sent by managers at Aviva USA to staff Mr Littlefield acknowledged that "Athene only needs one CEO, so my upcoming departure should not come as a surprise". The enlarged Athene will retain several senior Aviva USA staff, including CFO Brenda Cushing, operations head Chris Welp, chief marketing officer Chris Jones and general counsel Rich Cohan, while corporate spokesman Kevin Waetke, Human Resources VP Jennifer Bryant, senior portfolio manager Josh Rank and senior securities analyst Matt Hanson have already left. Iowa Insurance Commissioner Nick Gerhart and his office are reviewing the deal. A public hearing is scheduled for July 17. Aviva USA employs some 1,800 staff. Apollo plans to sell on the life arm of Aviva USA to Global Atlantic, with Apollo Global retaining the annuities business.