Generali Completes Acquisition of Conning and Affiliates From Cathay Life *Centurion Insurance AFS*

Generali announced it has completed the acquisition of Conning Holdings Ltd. (CHL) and Conning affiliates from Cathay Life, a subsidiary of Taiwan’s Cathay Financial Holdings.

The deal, which was first announced on July 6, 2023, has been structured as an exchange of assets without a cash consideration. All shares of CHL have been transferred into Generali Investments Holding S.p.A. (GIH) in exchange for newly issued shares. In addition, Cathay Life has become a minority shareholder of GIH, with a stake of 16.751%, establishing a long-term partnership with Generali in the asset management business.

The transaction fulfills Generali’s ambition of enhancing its global asset management business by strengthening its investment capabilities, growing its third-party client business and expanding its presence in the U.S. and Asia, Generali said.

The acquisition includes Conning, focused on insurance and institutional fixed income, and its affiliates Octagon Credit Investors, (bank loans, collateralized loan obligations and specialty credit); Global Evolution (emerging markets debt); and Pearlmark (debt and equity real estate).

As a result of this transaction, the group’s total assets under management increases to US$887 billion (€803 billion).

“The acquisition of Conning and its affiliates allows us to continue the successful development of a global and diversified asset management ecosystem. We have strengthened our capabilities with relevant high-quality investment skills in U.S. and emerging market fixed income, alternative credit and U.S. real estate,” commented Carlo Trabattoni, Generali’s CEO Asset & Wealth Management.

“Generali is establishing a preeminent global asset management firm, now one of the 10 largest asset managers in Europe, recognised for delivering consistent investment returns and establishing enduring and trusted relationships with our clients,” he added.

Founded in 1912, Hartford, Connecticut-based Conning and its affiliates provide investment solutions, risk modeling software, and industry research for insurance companies and institutional clients. Conning has investment centers in Asia, Europe and North America.

Source: Generali

Topics
Mergers & Acquisitions