Mike Wells has been appointed CEO of Athora Holding Ltd, the Bermuda-domiciled European retirement services group, subject to regulatory approvals.

Michele Bareggi has been promoted to the newly created role of president and deputy CEO.

Among Athora’s main subsidiaries is the life reinsurer Athora Life Re Ltd (Bermuda).

Mr Wells is a seasoned leader in global insurance having spent 26 years at Prudential plc, including seven years as CEO.

Mr Bareggi has been at Athora since its formation in 2018 and has successfully led the group and its significant growth over the past four years.

Nikolaus von Bomhard, Athora chairman, said: “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.”

Scott Kleinman, Athora director, said: “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.”

Mr 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 four years and I look forward to getting started.”