An Italian company will be replacing a Taiwanese company as the corporate parent for Conning Holdings.
Generali has agreed to acquire control of Conning from Cathay Life.
Conning is a major provider of asset management and research services to U.S. life and annuity issuers, as well to U.S. property and casualty insurers.
Generali and Cathay Life hope to close on the deal by June 30, 2024.
What It Means
Generali could play a major, behind-the-scenes role in shaping the investments supporting your clients' life insurance policies and annuity contracts.
The Companies
Conning is a Hartford, Connecticut-based company with $157 billion in assets under management.
Conning ranked eighth on the DCS Financial/Clearwater Analytics list of the top independent managers of North American insurers' assets, with about $66 billion in North American insurer general account assets under management in 2022.
Conning's current parent, Cathay Life, is an arm of Cathay Financial. Cathay Financial is based in Taipei and has $393 billion in assets.
The would-be buyer, Generali, has its headquarters in Trieste, Italy, and about $675 billion in assets.
The History
Conning was founded in 1912 and started out as a securities broker. It later began to focus on serving insurers.
