27 August 2014News

Co-CEO will retire from Ariel upon buyout

The co-chief executive officer (CEO) of Bermuda-based Ariel Holdings, a subsidiary of Global Atlantic Financial, is set to retire.

Tom Milligan will retire upon the closing of the planned sale of Ariel Re companies to Brazilian banking firm Banco BTG Pactual.

Tom Hulst, current co-CEO overseeing all underwriting and business operations, will remain in the role of CEO at the close of the transaction, which is currently pending regulatory approvals.

“When the sale of Ariel Re to BTG Pactual closes, the time will be right for me to step down,” said Milligan. “Ariel has an outstanding team and track record and the business will be in great hands with Ariel Re leadership team and its new owners.”

Milligan’s tenure predates the company’s separation from Goldman Sachs in 2013, having been with Global Atlantic for nine years.

“I want to thank Tom for his significant contributions to our business. After establishing our property and casualty franchise in Bermuda in 2005, he played a leading role in our entry into Lloyds of London in 2008 and our acquisition of Ariel Re in 2012,” said Allan Levine, chairman and CEO of Global Atlantic. “As Co-CEO of Ariel Holdings, Tom has been instrumental in setting strategy, and in the growth and strong financial results of the business.”