KKR Names New Global Atlantic Leaders, Succeeding Allan Levine

KKR & Co. is tapping new leaders for its Global Atlantic insurance unit and moving Allan Levine, its CEO and co-founder, into the role of executive chairman.

Billy Butcher and Manu Sareen will become co-heads of Global Atlantic and lead day-to-day operations, KKR Co-Chief Executive Officers Joe Bae and Scott Nuttall said in a memo to staff. A spokesperson for the firm declined to comment.

Levine, who has been with Global Atlantic since its 2004 formation within Goldman Sachs Group Inc., will continue to focus on external insurance relationships and work with the team on growth areas, particularly in Europe and Asia, according to the memo.

Rob Arena, the insurer’s co-president, will retire at year-end and be an adviser during the transition.

KKR, which first invested in Global Atlantic in 2020 as it sought a foothold in the red-hot industry, took full ownership of the $190 billion insurer at the start of last year.

KKR has highlighted insurance one of three key pillars for growth as it seeks to amass $1 trillion of assets under management by 2029.

Global Atlantic has become a major source of permanent capital for KKR, as the annuities provider’s distribution platform advances its parent’s ambitions to sell alternative assets to individuals through its wealth business. The insurance operation has also fueled growth in KKR’s real estate and credit investing units, particularly in the US, according to the memo.

In August, Butcher moved over from the firm’s real estate arm to become Global Atlantic’s chief financial officer. KKR also named Brian Dillard and John Reed co-chief investment officers for the insurance unit at the time, roles they still hold.

Sareen had been co-president of Global Atlantic since December 2022.