Athora Holding has announced that group chief executive officer Mike Wells (pictured above, left) will retire from his executive position in the fourth quarter of 2026.
Wells, who has served as CEO since 2022, is expected to remain with the company as a non-executive member of the board of directors following his retirement.
The board of directors will appoint Todd Solash (pictured above, right), currently Athora Group’s president and deputy CEO, as the next group chief executive officer.
Solash joined Athora in 2023 from Corebridge Financial, where he was president and CEO for individual retirement and life insurance. He previously led the individual annuity business at AXA Equitable Life Insurance Company.
Chair of the board Bruce Hemphill said that Wells had “significantly reshaped the group, driving material growth and strengthening the operational foundations of the business.”
“We are delighted that Mike will remain with Athora as a non-executive director, and that Todd will take on the role, ensuring continuity of leadership as we build on these foundations,” Hemphill said.
“Under Mike’s leadership, Athora has become one of Europe’s leading providers of savings and retirement services,” Solash said. “I look forward to continuing to work with Mike, the board and our exceptional teams, building on our momentum and remaining focused on delivering sustained value to all our stakeholders.”
The transition is set to take place over the course of 2025 and 2026, with Wells and Solash working together to ensure a smooth handover of responsibilities. This period will include Athora’s planned entry into the UK market through the acquisition of Pension Insurance Corporation Group (PICG), a specialist in defined benefit pension schemes.
The acquisition of PICG is a significant development for Athora. The company has agreed to acquire PICG for approximately £5.7 billion, which will make PIC Athora’s UK insurance subsidiary and bring it under a single strategic owner for the first time since its establishment.
The deal is expected to enable PIC to expand its participation in pension risk transfer transactions and continue its focus on the UK defined benefit pension market.
Athora is a European insurance group with operations in the Netherlands, Belgium, Germany, and Italy, managing €76 billion in assets for 2.8 million policyholders.
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