Long shadow of Apollo looms over turmoil at Athora
Risk.net investigation reveals troubling picture of US asset manager’s European insurance project
Between 2020 and early 2022, as investors got to grips with first Covid then war in Ukraine, the European insurance affiliate of Apollo Global Management – Athora Holdings – was busy building derivatives positions more typical of a hedge fund.
In Belgium, the insurer’s derivatives liabilities ballooned from €66 million ($71.5 million) at the end of 2021 to €1.1 billion a year later, on a balance sheet of €11.7 billion, while derivatives assets went from €300 million to €913 million.
The notional
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