Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, has acquired Conning, a provider of solutions and services to the insurance m
Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, has acquired Conning, a provider of solutions and services to the insurance market.
The sale by Swiss Re, under undisclosed terms, will include Conning’s US and European businesses. Conning is headquartered in Hartford, Connecticut with offices in Dublin, London and New York.
Founded in 1912, Conning provides its clients with a service offering tailored to the insurance industry, consisting of asset management, insurance research and strategic consulting. In addition, Conning has expertise in the alternative investment industry and specialises in the clean energy sector.
Aquiline’s 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.
‘Aquiline brings a wealth of operational expertise in both insurance and investment management, as well as an extensive relationship network,’ says Salvatore Correnti, chief executive of Conning. ‘This is the ideal partnership to support our plans to grow the Conning platform by adding to our skills and products to benefit our current and future clients. We are excited by the prospects for Conning under Aquiline’s ownership and the opportunity to participate directly in the successful growth of our business.’
‘Conning has an excellent reputation with a long-standing presence in the insurance industry and a leading market position,’ said Jeff Greenberg (pictured), chief executive of Aquiline. ‘Conning has delivered superior insight and consistent investment returns to its clients, particularly during the recent disruptions in global credit markets. We look forward to working with management to expand Conning’s position as a premier specialty insurance asset management and service provider.’
Currently the largest independent insurance asset manager and the third largest insurance general account manager globally, Conning has approximately USD70bn of general account assets under management and USD100bn of total assets under contract.
