Under the terms of the acquisition, Conning will continue its operations autonomously, retaining its current leadership and brand identity within the Generali Group framework.
The acquisition marks a significant step for Generali in enhancing its asset management arm, positioning itself as a formidable player in the global financial landscape. Through this acquisition, Generali aims to leverage Conning’s expertise and global reach to further expand its investment offerings and cater to the evolving needs of its clients.
Following the acquisition, Conning will continue to implement its growth initiatives, backed by both Cathay Life Insurance Co. Ltd (Cathay), its ongoing parent company, and Generali. Noteworthy is Cathay’s transfer of its stake in Conning to GIH, amounting to 16.75%. Additionally, Cathay has committed to financially supporting specific insurance assets managed by GIH on its behalf for a minimum duration of 10 years.
“We are excited to embark on this long-term partnership with Generali, with identified growth areas and synergies in mind and to leverage our shared insurance industry heritage,” said Woody Bradford, chief executive officer and chair of the Conning Holdings Limited Board.
He continued: “Conning’s hallmark is delivering world-class performance and service for clients. This will remain our steadfast focus going forward.”
“Through the acquisition of Conning and its Affiliates, and the long-term partnership with Cathay Life, Generali will enhance its asset management capabilities, strengthen its footprint in the key U.S. and Asian markets, and create a platform to deliver on its broader asset management strategic ambitions in order to maximise value for all stakeholders, including Generali’s insurance business,” said Group CEO of Generali Philippe Donnet during the initial announcement of the transaction.
Chairman of Cathay Financial Holdings Hong-Tu Tsai also said that the firm looked forward to continuing its role as a shareholder in GIH.
He added: “As a client and shareholder since 2011, Cathay has enjoyed a long and successful partnership with Conning. We are now very excited about continuing to remain involved as a shareholder in GIH and to work together with Generali to support the continued growth of Conning. We also look forward to seeking new opportunities for further collaboration, including in the Asia Pacific.”
