Hartford-Based Insurance Consulting Business Sold

Wednesday, Jun 17,2009, 8:32:18 AM   Click:

Hartford-based Conning & Co., which specializes in asset management, research, and strategic consulting focused on the insurance industry, has been acquired by a private equity firm for an undisclosed price.

Conning, which has about 220 employees in Hartford and 240 in total, was sold by Swiss Reinsurance Co. Ltd. to New York-based Aquiline Capital Partners LLC, the companies announced Tuesday. There are no current plans for layoffs.

Aquiline, based in New York, invests in financial services enterprises in industries such as property and casualty insurance and reinsurance, banking and specialty finance, securities, asset management, life insurance and reinsurance, and operations and financial technology.

The deal includes Conning's U.S. and European businesses. In addition to Hartford, Conning has offices in Dublin, London and New York.

Conning, founded in 1912, says it is currently the largest independent insurance asset manager and the third largest insurance general account manager globally. The firm has about $70 billion of general account assets under management and $100 billion of total assets under contract.

Aquiline says its investment will allow Conning to strengthen its business by adding to its services, acquiring talent and pursuing strategic opportunities. Swiss Re will continue to use Conning's services.

Aquiline's chief executive is Jeffrey W. Greenberg, who is former CEO of insurance broker Marsh & McLennan Cos. He is the son of Maurice "Hank" Greenberg, a former CEO of American International Group.

"Aquiline brings a wealth of operational expertise in both insurance and investment management, as well as an extensive relationship network," said Salvatore Correnti, CEO of Conning. "This is the ideal partnership to support our plans to grow the Conning platform by adding to our skills and products to benefit our current and future clients."