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Terms were not disclosed. The transaction includes Conning's U.S. and European businesses. Hartford, Conn.-based Conning also has offices in Dublin, London and New York. Swiss Re bought Conning from MetLife in 2001 for an undisclosed amount. At that time, Swiss Re said its strategic aim was to expand in financial services (BestWire, July 3, 2001). But, Swiss Re announced in May that it would realign its business to reflect new priorities in light of a 76% fall in first-quarter profit (BestWire, May 7, 2009). The company said it will exit some areas, such as variable annuities, structured credit default swaps and similar products. Last month, Swiss Re said it will no longer write coverage for the emissions trading market that targets climate change, a segment in which the global reinsurer had served as an early and key innovator (BestWire, May 26, 2009). For 2008, Swiss Re announced a loss of 864 million francs. This was caused primarily by the impact of the global financial crisis that left it with substantial losses from default credit swaps and other toxic assets and which forced the company to shore up its position via an intervention by Berkshire Hathaway (BestWire, Feb. 19, 2009). Aquiline said its investment will allow Conning to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities. Swiss Re will maintain a strong relationship with Conning as a recipient of its services, the company said. Conning is the largest independent insurance asset manager and the third-largest insurance general account manager globally, said Aquiline. Conning has about $70 billion of general account assets under management and $100 billion of total assets under contract, Aquiline said. Aquiline was advised by SFRi, LLC, a boutique merchant banking firm serving the insurance and risk management industries. Sullivan & Cromwell LLP acted as legal counsel and Berkshire Capital Securities LLC acted as financial adviser. Swiss Re currently has a Best?s Financial Strength Rating of A (Excellent). (By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com) For full details for SWCEY click here.
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