A former top executive at Apollo Global Management has admitted he improperly used confidential documents from its in-house insurer as part of his efforts to set up a rival. Imran Siddiqui’s acknowledgment that he had breached his fiduciary duties came as part of a settlement with Athene Holding, Apollo’s life insurance and annuities affiliate, before an upcoming trial in a Bermuda court.

Siddiqui left Apollo in 2017 to form Caldera Holdings. A 2019 New York arbitration found he had conscripted a junior Apollo investor, Ming Dang, to work on his start-up. Dang was ordered to pay $1mn in damages to Apollo, while Siddiqui owed punitive damages of $150,000. Apollo had initially asked for $300mn.

In September 2025, Apollo settled a New York civil lawsuit with Huan Tseng and Stephen Cernich, two former Athene executives working with Siddiqui. Siddiqui is currently chief executive of Talcott Financial Group. Apollo, which has a market capitalisation of $75bn, manages more than $800bn in assets.