Private equity firm Aquiline Capital Partners LLC, which is run by Jeffrey Greenberg, said Tuesday it agreed to buy insurance services provider Conning & Co. from Swiss Reinsurance Co. Ltd.
Terms of the deal were not disclosed.
Hartford, Connecticut-based Conning will use Aquiline’s investment to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities.
Conning has about $70 billion of general account assets under management and $100 billion of total assets under contract.
New York-based Aquiline invests in financial services companies including property and casualty insurance, asset management and life insurance.
Greenberg, who had been chief executive of insurance broker Marsh & McLennan Cos Inc, is the son of former American International Group Inc. Chief Executive Maurice “Hank” Greenberg.
Aquiline was advised by boutique merchant banking firm SFRi LLC. Sullivan & Cromwell LLP acted as legal counsel and Berkshire Capital Securities LLC acted as financial adviser.
(Reporting by Paritosh Bansal; Editing by Phil Berlowitz)
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