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Ex-Prudential chief joins Athora as CEO

Ex-Prudential chief joins Athora as CEO | Insurance Business UK

Ex-Prudential chief joins Athora as CEO

Mike Wells, who served as group chief executive of Prudential Plc until the end of March 2022, is taking on the same position at Athora Holding Ltd.

In its announcement, the European retirement services group said Wells has been appointed to the top post subject to regulatory approvals. Michele Bareggi, who has successfully led Athora over the last four years, will become the company’s first-ever president and deputy CEO.

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

Wells brings global insurance experience to Athora, including 26 years with Prudential. The seasoned executive is credited for having delivered meaningful shareholder value to the business, which transitioned into an Asian and African-focussed life and health insurer under his leadership.

“This is a tremendously exciting time to be joining Athora,” asserted Wells. “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 four years, and I look forward to getting started.”

Athora is manned by around 1,900 people, serving 2.3 million customers with assets under administration of €79 billion. The group’s principal subsidiaries are Athora Netherlands N.V., Athora Belgium N.V./S.A., Athora Lebensversicherung AG in Germany, Athora Ireland Plc, and Bermuda-based Athora Life Re Ltd. It recently acquired an Italian insurer, with completion slated for this year.

Board chair Nikolaus von Bomhard had this to say: “Athora has made significant progress since its creation in January 2018. The growth achieved in just over four years reflects the business’s 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.”