NU Online News Service, June 16, 1:10 p.m.EDT

|

Aquiline Capital Partners LLC, the New York-based private equityfirm headed by Jeff Greenberg, announced today it has acquiredConning & Co. in Hartford, Conn. for an undisclosed price.

|

The firm said the purchase of the company from Swiss ReinsuranceCompany Ltd. will include Conning's U.S. and European businesses.Conning also has offices in Dublin and London.

|

Aquiline said Conning is currently the largest independentinsurance asset manager and the third largest insurance generalaccount manager globally, with approximately $70 billion of generalaccount assets under management and $100 billion of total assetsunder contract.

|

Founded in 1912, Conning provides asset management, insuranceresearch and strategic consulting. The firm also provides expertisein the alternative investment industry and a specialty in the cleanenergy sector.

|

Aquiline said its investment will allow Conning to strengthenits infrastructure, add to its services, acquire talent and pursuestrategic opportunities.

|

The announcement said Swiss Re, which had purchased Conning in2001, will maintain a strong relationship with Conning as arecipient of its services.

|

Swiss Re, after an $864 million loss in 2008, reported afirst-quarter return to profitability this year albeit with a 76percent drop in net income.

|

Swiss Re spokesperson Alayna Francis said the Zurich-based firmwas selling the company as part of a strategy to focus on corebusinesses with the best earnings potential and to simplify itsbusiness organization. The firm said last month it planned toreorganize to reduce costs after previously announcing theelimination of 1,150 jobs and naming a new chief operatingofficer.

|

"Aquiline brings a wealth of operational expertise in bothinsurance and investment management, as well as an extensiverelationship network," said Salvatore Correnti, CEO of Conning.

|

He called the transaction "the ideal partnership to support ourplans to grow the Conning platform by adding to our skills andproducts to benefit our current and future clients. We are excitedby the prospects for Conning under Aquiline's ownership and theopportunity to participate directly in the successful growth of ourbusiness."

|

Mr. Greenberg, a former CEO of Marsh & McLennan Co., said,"Conning has an excellent reputation with a long-standing presencein the insurance industry and a leading market position."

|

He noted that "Conning has delivered superior insight andconsistent investment returns to its clients, particularly duringthe recent disruptions in global credit markets. We look forward toworking with management to expand Conning's position as a premierspecialty insurance asset management and service provider."

|

Aquiline said it was advised in the acquisition by SFRi, LLC, aboutique merchant banking firm serving the insurance and riskmanagement industries. Sullivan & Cromwell LLP acted as legalcounsel and Berkshire Capital Securities LLC acted as financialadvisor.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.