(Bloomberg)—Athene Holding Ltd., the reinsurer backed by Apollo Global Management LLC, agreed to buy Presidential Life Corp. for about $415 million.

Athene Annuity & Life Insurance Company, a subsidiary of Bermuda-based Athene Holding, will pay $14 a share for Nyack, New York-based Presidential Life, the companies said today in a statement. The price is 38 percent higher than Presidential Life's closing share price of $10.14 yesterday.

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