Venerable Holdings—a privately held company that owns and manages the legacy variable annuity business acquired from Voya Financial—has appointed Charles Schwartz as chief risk officer.
In this role, Schwartz will have responsibility for the measurement, management, and reporting of risk across the company, with a particular focus on the variable annuity derivatives hedge program. He will report to David Marcinek, chairman and senior managing director at Venerable Holdings.
Over the last 20 years, Schwartz gained experience through significant leadership roles in derivatives and insurance risk management, most recently at AXA as the Head of Derivatives. At AXA, Schwartz was responsible for the company's $90 billion-notional derivatives and hedging programs, including P&L/risk-management strategy, execution, counter-party management, risk analytics, back-office operations, and regulatory filings.
Prior to his tenure at AXA, Schwartz served as the director of risk management for Prudential Financial; as a trader/analyst for AIG; and as a quantitative analyst for Chicago Trading Company.