Athora picks 26-year Prudential veteran as new group CEO

European life insurer  Athora Holding has appointed a 26-year Prudential veteran as new group chief executive officer (CEO) to lead the next phase of its growth.

As group CEO, Mike Wells (pictured) will lead the European retirement services group with €79 billion assets under administration. He will be supported by Michele Bareggi, who has been appointed to the newly created role of president and deputy CEO.

Wells is a seasoned leader in global insurance having spent 26 years at Prudential, including seven years as CEO. Under his leadership, the company executed two strategic demergers, accelerated the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange and transitioned the company into an Asian and African focussed life and health insurer.

Bareggi has been at  Athora since its formation in 2018 and has led the group and its growth over the last four years.

Nikolaus von Bomhard, chairman of  Athora board of directors, said: “Athora has made significant progress since its creation in January 2018. The growth achieved in just over four years reflects the business’ strong foundations and ambition to become a leading provider of retirement products and solutions in Europe. With Mike and Michele and their combined skills and experience we have the ideal leadership team for this next stage of  Athora's development.”

Scott Kleinman,  Athora board director and co-president of Apollo, added: “We’re delighted to welcome Mike to  Athora. He is a seasoned insurance executive with a strong track record and a wealth of expertise that will benefit  Athora as it continues to scale into a compelling market opportunity.”

Wells commented: “This is a tremendously exciting time to be joining  Athora. I believe there is real demand across Europe for their retirement services, and deep expertise in the long-term management of retirement benefits. I’m very impressed with what Michele and the team have achieved over the last 4 years and I look forward to getting started.”

Bareggi said: “I’m delighted to welcome Mike to  Athora and I look forward to working with him on the next stage of the Group’s development.”

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