Conning, a Hartford insurance coverage trade icon, will get new European proprietor – Insurance coverage Information

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Jul. 6—In a inventory transaction, Cathay Life Insurance coverage is promoting its Conning insurance coverage investments and analysis subsidiary in Hartford to an affiliate of Generali Group, an Italian firm that’s among the many 10 largest underwriters globally.

Deal specifics weren’t publicized instantly in a Thursday press launch, with Cathay to obtain Generali Funding Holdings shares within the transaction equal to just about 17 % of GIH shares. An exterior spokesperson instructed CT Insider Conning has about 290 workers primarily based in Connecticut of almost 500 in all, and that no adjustments are anticipated because of the Generali transition.

Cathay Life spent $240 million for Conning in 2015, with the Taiwan-based firm tucking in a number of massive acquisitions since underneath the Conning flag.

Getting into April, Conning had $157 billion in belongings underneath administration, rating 79th on a Sovereign Wealth Fund Institute listing of the most important globally, and in Connecticut trailing solely Virtus Funding Companions primarily based in Hartford and AQR Capital Administration in Greenwich.

Underneath longtime CEO Woody Bradford, Conning offers a spread of companies to the insurance coverage trade, in addition to different sectors. The state of Connecticut has been amongst Conning’s shoppers for portfolio funding administration within the credit score markets.

“We consider this transaction offers stability for our shoppers and workers, maintains continuity of management and technique, and can generate new collaboration alternatives with Generali and its associates to strengthen each companies,” Bradford was quoted saying in a Thursday press launch.

Conning has its headquarters in Hartford’sGold Constructing” at One Monetary Plaza, and has further workplaces in Boston, New York Metropolis, London, Cologne and Hong Kong. Generali Group has U.S. workplaces in New York Metropolis and Bethesda, Md.

Conning has been primarily based in Hartford since its launch by William Smith Conning, initially as a common funding agency however with the corporate constructing an insurance coverage trade focus beginning within the Nineteen Fifties.

The corporate went public in 1997, then was acquired by MetLife in 2000 which flipped Conning the next yr to Swiss Re. In 2009, Swiss Re offered Conning to the New York Metropolis-based non-public fairness investor Aquiline Capital Companions.

In 2011, Conning acquired Hartford-based Goodwin Capital Advisers from Phoenix Cos., which was offered itself in 2015 to Nassau Monetary Group.

Cathay Life acquired its controlling stake in Conning in 2015.


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