Private Equity Firm Aquiline Closes on Acquisition of Swiss Re's Conning & Co.

Fri. October 16, 2009; Posted: 12:19 PM

NEW YORK, Oct 16, 2009 (A. M. Best via COMTEX) -- SWCEY | Quote | Chart | News | PowerRating -- Aquiline Capital Partners, the New York-based private equity firm headed by Chief Executive Jeff Greenberg, has closed on its acquisition of asset manager Conning & Co. from Swiss Reinsurance Co.

Terms of the deal, announced in June, weren't disclosed (BestWire, June 16, 2009). The transaction includes Conning's U.S. and European businesses. Hartford, Conn.-based Conning also has offices in Dublin, London and New York.

"We have received excellent response to our partnership from both clients and prospects," said Salvatore Correnti, chief executive officer of Conning, in a statement.

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). It said it would exit some areas, such as variable annuities, structured credit default swaps and similar products.

Aquiline has said its investment will allow Conning to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities (BestWire, June 16, 2009).

Conning is the largest independent insurance asset manager and the third-largest insurance general account manager globally, according to Aquiline. It has about $70 billion of general account assets under management and $100 billion of total assets under contract, Aquiline said.

Swiss Reinsurance Co. Ltd. currently has a Best's Financial Strength Rating of A (Excellent).

(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)

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