Global Atlantic Financial Taps Former Managing Director of Morgan Stanley as Chief Risk Officer
February 26, 2015 by Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com
HAMILTON, Bermuda – Bermuda’s Global Atlantic Financial Group Ltd. said it named Peter Cai as chief risk officer to boost risk management throughout the company.
Cai has 15-plus years of experience in the financial services industry. Most recently, he was managing director at Morgan Stanley, where he led a global team responsible for measuring, stress testing and reporting risk across all business segments. Cai also worked as a fixed-income risk strategist for the former Lehman Bros.
Global Atlantic is a financial services company focused on the annuity, life insurance and reinsurance markets. Its companies include Forethought, Accordia Life and Commonwealth Re. Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Global Atlantic says it has $40 billion in assets.
In May 2014, Global Atlantic launched a new Des Moines, Iowa-based life insurance company called Accordia Life based on the life insurance business of Aviva U.S. Life, which Global Atlantic bought from Bermuda-based Athene Holding Ltd. after Athene bought Aviva USA in October 2013 (Best’s News Service, Oct. 4, 2013).
In November, A.M. Best Co. said Global Atlantic has a solid consolidated risk-adjusted capitalization, strong GAAP operating earnings and significant growth through recent acquisitions. The group also has a diverse business mix comprised of reinsurance, direct individual life and direct annuity lines of business.
Rated units of Global Atlantic currently have Best’s Financial Strength Ratings of A- (Excellent).
