Aquiline Capital Partners L.L.C., a private equity firm, has acquired Conning Research & Consulting from Swiss Reinsurance Company for a price that was not disclosed.
Aquiline, New York, is headed by Jeffrey Greenberg, a son of Maurice Greenberg, the former chairman of American International Group Inc., New York.
Aquiline says it bought the U.S. and European businesses of Conning, Hartford.
Conning, which also has offices in Dublin and London, was founded in 1912. It is now the largest independent insurance asset manager and the third largest insurance general account manager in the world, with about $70 billion of general account assets under management and $100 billion of total assets under contract, according to Aquiline.
Aquiline says its investment will help Conning strengthen its infrastructure, add to its services, acquire talent, and pursue strategic opportunities.
Swiss Re, which acquired Conning in 2001, will maintain a strong relationship with Conning and continue to use its services, Aquiline says.
Swiss Re is selling Conning as part of a strategy to focus on the core businesses with the best earnings potential and to simplify its business organization, Swiss Re representative Alayna Francis says.
