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October 06, 2015 at 07:07 AM
(Bloomberg) — Athene Holding Ltd., the insurer with ties to Apollo Global Management LLC, is pushing back a plan to file for an initial public offering as the company seeks a chief financial officer.
The venture expects to file an initial prospectus in early 2016 with a deadline of June 30, according to a statement Tuesday by AP Alternative Assets, a publicly traded investment vehicle managed by Apollo, and Athene’s largest shareholder. The firm had previously set a deadline of Nov. 30. Results for the quarter ended Sept. 30 will be included in the filing next year, the company said.
Athene said in February it would spend the year improving financial reporting after disclosing material weaknesses tied to reserves and taxes, stemming from the acquisition of a Aviva Plc business in 2013. The insurer is also seeking a permanent CFO after Brenda Cushing said in May that she’s departing. The firm hired former MetLife Inc. executive William Wheeler as president to help guide the IPO.
“We’ve determined it’s in our best interest to target a filing early next year,” Chief Executive Officer Jim Belardi said in a conference call. “We continue to make very good progress on our CFO search. It’s a top priority for us and when there’s something to report, we won’t hesitate.”
