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Apollo Says Insurer Seeking Takeover Provides Permanent Capital

Apollo Global Management LLC (APO), the private-equity firm led by Leon Black, told regulators that capital committed by its Athene insurance unit to the takeover of Aviva Plc’s U.S. business will provide stable funding.

“Not one dollar of private equity is invested in Athene,” Grant Kvalheim, president of the unit, said today at a hearing, held in Des Moines by the Iowa Insurance Division, which regulates the Aviva unit. “The money invested in Athene is permanent capital.”

To contact the reporter on this story:

Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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