Nyack's Presidential Life to Sell for $415M

—a staple of downtown Nyack for years, and employer of about 100 local or nearby residents—has agreed to sell for $415 million to Athene Holding Ltd., a reinsurance company based in Bermuda.

Presidential Life sells and underwrites life insurance and retirement annuities. It was founded by Rockland native Herbert Kurz, now 92-years-old. Kurz served as chief executive officer and president of Presidential Life until May 2009.

In order for the transaction to complete, the deal needs approval from both the government and company shareholders; a decision is expected to be made in late 2012.

The Presidential Life board of directors unanimously approved the sale. Officials did not comment on how jobs will be affected.

Athene purchased Presidential Life for $14 a share. Presidential Life's shares have fallen about 11-percent in the past year, according to a Reuters report.

"I am pleased to announce this agreement, which provides our shareholders with a significant cash premium for their shares," said John McMahon, Chairman of the Board of Presidential Life, in a press release. "We believe this transaction is in the best interest of our shareholders."

"[The] announcement is the result of a comprehensive process in which the Board of Directors, with the assistance of its outside advisors, carefully considered strategic alternatives for our shareholders," McMahon added.