Venerable Holdings, Inc., a provider of risk transfer solutions to variable annuity issuers, has announced the appointment of John Herlihy as Senior Vice President, Head of Trading and Co-Head of Hedging.
In the new role, Herlihy will have responsibility for managing derivatives trading efforts and Venerable’s variable annuity hedge portfolio.
He is also tasked with assisting in leading and managing the organisation’s overall hedging program.
Charles Schwartz, Chief Risk Officer, and to whom Herlihy will report, commented, “I am pleased to have John join our organisation.
“His expertise will prove valuable to the success of not only our trading and hedging programs, but to the long-term achievement of strategic risk management and growth objectives at Venerable.”
Throughout his career, Herlihy has operated within various financial institutions, including General Re, Bank of America, Lehman Brothers, and the Federal Home Loan Bank of New York, where he gained experience in numerous trading and derivatives-related roles.
Before joining Venerable, Herlihy served as Head of the Derivatives Trading Desk at Transamerica, where he managed a team of traders responsible for all aspects of derivatives hedging for both variable annuity and general account hedge programs. In addition, he led implementation efforts of uncleared margin rules and the LIBOR/SOFR transition for the firm.
Herlihy has also served as a part-time adjunct lecturer at the City University of New York, having earned a Master’s in Business Administration from the Stern School of Business at New York University, and a Bachelor of Arts degree in Business Administration from St. John’s University.
The arrangement saw Venerable reinsure roughly $22 billion of variable annuity business from Manulife’s U.S. subsidiary John Hancock.
Later that year in October, Venerable and Manulife closed another $1.6bn variable annuity reinsurance transaction.
