Hartford insurance icon gets new owner
Cathay Life Insurance is selling its Conning insurance investments and research subsidiary in Hartford to an affiliate of Generali Group, an Italian company that is among the 10 largest underwriters globally.
Deal terms were not publicized immediately in a Thursday press release. An external spokesperson told CT Insider Conning has about 290 employees based in Connecticut of nearly 500 in all, and that no changes are anticipated as a result of the Generali transition.
Cathay Life spent $240 million for Conning in 2015, with the Taiwan-based company tucking in multiple large acquisitions since under the Conning flag.
Entering April, Conning had $157 billion in assets under management, ranking 79th on a Sovereign Wealth Fund Institute list of the largest globally, and in Connecticut trailing only Virtus Investment Partners based in Hartford and AQR Capital Management in Greenwich.
Under longtime CEO Woody Bradford, Conning provides a range of services to the insurance industry, as well as other sectors. The state of Connecticut has been among Conning’s clients for portfolio investment management in the credit markets.
“We believe this transaction provides stability for our clients
and employees, maintains continuity of leadership and strategy, and will generate new collaboration opportunities with Generali and its affiliates to strengthen both firms,” Bradford was quoted saying in a Thursday press release.
Conning has its headquarters in Hartford’s “Gold Building” at One Financial Plaza, and has additional offices in Boston, New York City, London, Cologne and Hong Kong. Generali Group has U.S. offices in New York City and Bethesda, Md.
Conning has been based in Hartford since its launch by William Smith Conning, initially as a general investment firm but with the company building an insurance industry focus starting in the 1950s.
The company went public in 1997, then was acquired by MetLife in 2000 which flipped Conning the following year to Swiss Re. In 2009, Swiss Re sold Conning to the New York City-based private equity investor Aquiline Capital Partners.
In 2011, Conning acquired Hartford-based Goodwin Capital Advisers from Phoenix Cos., which was sold itself in 2015 to Nassau Financial Group.
Cathay Life acquired its controlling stake in Conning in 2015.