Cathay Financial Holding Co. Ltd., based in Taiwan, said it has completed the previously-announced acquisition of Conning Holdings Corp. through its subsidiary, Cathay Life Insurance Co, Ltd.
Conning, based in Hartford, Conn., is an investment manager focused on the insurance industry with capabilities in risk and capital management and insurance research.
Aquiline Capital Partners, which is run by Jeffrey Greenberg, acquired Conning from Swiss Reinsurance Co. in October, 2009.
Conning said it will operate as an independent company within the Cathay group and be governed by its own board of directors, according to the firms.
Conning will continue to be led by Woody Bradford, its chief executive officer since 2011, and the existing global management team.
Conning has said that its teams in asset management, risk and capital management and insurance research will remain in place in Hartford, New York, Cologne and London.
In Asia Pacific, Cathay Conning Asset Management, a joint venture between Conning and Cathay, will provide global investment and advisory services from its offices in Hong Kong.
Cathay’s management said the transaction is a step towards the company’s goal of building a complete financial services platform in asset management, banking and insurance.
Cathay has been a client, shareholder and strategic partner of Conning since 2011, according to Hong-tu Tsai, chairman of Cathay.
Cathay Life is the largest insurance company in Taiwan.
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