Apollo’s Big Bet on Insurance Put to Test as Interest Rates Rise
May 24, 2023 by Allison McNeely
Marc Rowan became the envy of the private equity world with his pioneering move into the insurance business. Now, his firm is finding that being out front invites more scrutiny when times get tougher.
Apollo Global Management Inc.’s 2009 entry into the sleepy world of annuities through its co-founding of insurer Athene Holding drew concern from some investors and jealousy from rivals including Blackstone Inc. Over the past decade, Athene has grown into the firm’s biggest profit driver and the largest annuities provider in the US, while Rowan has ascended to Apollo’s top job.