Athene Holding Ltd. will pay a $45 million penalty to New York state for state insurance law violations related to the pension risk transfer business of subsidiary Athene Annuity & Life Co., Pensions & Annuities magazine reported. The penalty was assessed by the New York State Department of Financial Services, which said Athene Annuity & Life Co. solicited and completed 14 unauthorized pension risk transfer transactions with New York-based corporate pension plan sponsors. The subsidiary is not licensed as an insurer in New York. As part of its agreement with the department, Athene will transfer the handling of pension risk transfer transactions to its New York-based subsidiary, Athene Annuity & Life Assurance Co. of New York. Athene Holdings’ companies include Athene USA in West Des Moines.