The reinsurance arm of Athene Holding Ltd. will invest $500 million in Prudential PLC’s U.S. life insurance businesses, including Jackson National Life Insurance Co., as the Athene unit reinsures $27.6 billion of Jackson’s annuities business, A.M. Best reported. Athene Life Re Ltd. will invest in Jackson and get an 11.1% economic interest and a 9.9% voting interest in the company. “This compelling transaction enables us to grow our gross invested assets by approximately 20% with predictable liabilities we know well,” Athene CEO Jim Belardi said in a statement. Athene expects to deploy about $1.2 billion of total capital in connection with the transaction to be contributed over the next 12 to 18 months. Athene Life Re has fully reinsured an in-force portfolio of Jackson’s U.S. fixed and fixed indexed annuity liabilities under a long-term arrangement, according to Prudential. Athene Holding is the parent of West Des Moines-based retirement services company Athene USA. Athene Life Re, based in Bermuda, specializes in fixed annuity reinsurance.