In line with its plans to expand its financial service activities, Swiss Re announced that it would acquire MetLIfe’s asset management subsidiary Conning Corp. for an undisclosed price.
Conning specializes “in asset management for insurance company investment portfolios,” private equity placements, mortgage loan services to financial companies, and has a well developed research department, which Swiss Re plans to combine with Fox-Pitt, Kelton, its investment banking subsidiary.
The move is the first for Swiss Re’s newly reorganized “Financial Services Business Group.” The Group consolidated the activities of Swiss Re Investors, Swiss Re New Markets and Capital Partners, which includes Fox-Pitt, Kelton, Securitas Capital and NCM, a credit insurer.
By acquiring Conning Swiss Re boosts assets under management by $20 billion to total $65 billion. John Bailly, president of Capital Partners noted that it “establishes Swiss Re’s position as one of the top five third-party asset managers in the US insurance industry.”
The deal is expected to close by the middle of the year.
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