Ex-Prudential chief takes charge as Athora CEO post leadership reshuffle

European life insurance group  Athora Holding has appointed a 26-year Prudential veteran to the top leadership position, with a senior Genworth official taking up the role of group general counsel.

Mike Wells has been confirmed as Athora’s new group chief executive officer (CEO), following the receipt of regulatory approvals. He replaces Michele Bareggi who has been appointed to the newly created role of president and deputy CEO.

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

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

Ward Bobitz is also confirmed as group general counsel following the receipt of regulatory approvals. Bobitz has over three decades of international legal experience including 25 years at Genworth Financial, where he was most recently executive vice president and general counsel.

Both Wells and Bobitz have joined Athora’s group management executive.

Announcing the leadership changes earlier in July, Nikolaus von Bomhard, the company’s chairman, had said that with Wells and Bareggi’s 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, believes that Wells’ expertise “will benefit Athora as it continues to scale into a compelling market opportunity.”

Wells said: “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 added: “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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