BROKERS & INSURERS

Ariel co-CEO Milligan to retire after sale of Ariel Re

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Ariel co-CEO Milligan to retire

Tom Milligan, co-CEO of Ariel Holdings Ltd., will retire upon completion of the sale of Ariel's reinsurance operations, Ariel Re, to Sao Paulo-based investment bank Banco BTG Pactual S.A.

Tom Hulst, the other co-CEO of Ariel, will remain in the CEO role once the sale has been completed, Hamilton, Bermuda-based Global Atlantic Financial Group Ltd., the parent company of Ariel, said Tuesday in a statement.

The sale of Ariel Re, announced in July, is currently pending regulatory approval.

“I want to thank Tom for his significant contributions to our business,” said Allan Levine, chairman and CEO of Global Atlantic, in the statement.

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