Athene Life Re CEO to step down

Frank “Chip” Gillis, CEO of Athene Life Re and co-founder of its parent, Athene Holding, will retire at the end of 2019.

Sean Brennan, senior vice president and head of pension risk transfer (PRT) at Athene, will oversee the flow reinsurance business, while continuing to lead PRT, and continues to report to Bill Wheeler, president of Athene.

Since Brennan joined Athene in October 2017 the company has closed more than $6 billion in pension risk transfer transactions. He was previously a partner in Mercer’s financial strategy group, advising corporate clients on pension risk management strategies.

Gillis will remain executive chairman of the ALRe board and will serve as a board member of the newly announced Athene Co-Invest Reinsurance Affiliate (ACRA). He was instrumental in securing Athene’s first reinsurance deal and has been responsible for leading the growth of its reinsurance channel, which has completed agreements with nearly two dozen third-party cedents since inception.

Jim Belardi, CEO of Athene, said: “Chip’s knowledge, expertise and strong relationships enabled Athene to be founded and domiciled in Bermuda, which is a key competitive advantage for us.”