Apollo Global Management has reached a settlement with two former senior executives of its insurance affiliate Athene Holding, resolving a long-running dispute just days before the case was due to go to trial in New York, according to a report by Bloomberg.
The private equity giant had accused Stephen Cernich, Athene’s former EVP of corporate development and chief actuary, and Huan Tseng, a former VP of reinsurance, of helping ex-Apollo partner Imran Siddiqui and former principal Ming Dang launch a rival insurer, Caldera Holdings. Apollo had been seeking at least $30m in damages, alleging theft of confidential information and breach of non-compete agreements.
The settlement ends litigation that began in 2020 and was set to feature testimony from Apollo CEO Marc Rowan. Apollo previously secured a $1.2m arbitration award against Siddiqui and Dang, though it had originally sought around $300m. The firm also said Siddiqui forfeited $15m in Apollo fund stakes as part of an earlier resolution.
The dispute underscored the strategic importance of Athene, which has grown into one of Apollo’s largest businesses, with around $400bn in assets under management. Athene has been central to Apollo’s expansion into permanent capital and retirement services, helping drive group AUM to $840bn as of June 2025.
Caldera, once pitched as a potential $3bn challenger to Athene, no longer appears to be active. Siddiqui has since resurfaced in senior roles at Talcott Financial Group, owned by Sixth Street Partners.
Terms of the settlement have not been disclosed.
