The life insurance subsidiary of Taiwan’s Cathay Financial Holding – Cathay Life – has agreed to acquire global investment manager, Conning Holdings.
Under the terms of the agreement, Cathay Life will purchase Conning for up to US$240 million from funds managed by Aquiline Capital Partners, LLC, a New York-based private equity firm investing in financial services and other shareholders.
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The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2015.
Conning Holdings is focused on the insurance industry with capabilities in risk and capital management and insurance research.
Cathay Financial Holding said the transaction provides complete continuity for Conning and its clients. It added that the acquisition is a significant step towards Cathay’s goal to build a complete financial services platform with expertise in asset management, banking and insurance.
Following the closure of the deal, Conning will operate as an independent company within the Cathay group and be governed by its own board of directors.
Hong-tu Tsai, chairman of Cathay, said Cathay has been a client, shareholder and strategic partner of Conning since 2011.
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By GlobalDataHe said: "We are excited to broaden our relationship with Conning and support the leadership team as they continue to build the business, both organically and through acquisitions, across markets in Asia, Europe and North America."
