LONDON, Sept 9 (Reuters) - Former Prudential chief executive Mike Wells started as CEO of specialist life insurer Athora on Friday after receiving regulatory approvals, Athora said in a statement.
Wells left Prudential this year after the British life insurer shifted its base for top executives to Asia.
Wells will be based in London at Athora, a spokesperson said. Previous Athora CEO Michele Bareggi will move into a newly created role of president and deputy CEO, the spokesperson added.
Athora focuses on buying up books of European life insurance business which are closed to new customers.
Specialist firms like Athora or Britain's Phoenix say they can use economies of scale to manage such books more efficiently.
Athora bought a 16 billion euro ($16.14 billion) closed life book from AXA Germany in July.
Athora this week reported a sharp jump https://www.athora.com/news/Athora_Holding_publishes_its_interim_2022_results in first-half pre-tax profit, to 1.46 billion euros ($1.47 billion) from 204 million euros a year earlier.
Athora also said on Friday it had confirmed Ward Bobitz as general counsel following regulatory approvals.