“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.
“Conning's hallmark is delivering world-class performance and service for clients. This will remain our steadfast focus going forward,” he added.
With the acquisition, Conning will be continuing the execution of its growth strategies with the support of Cathay Life Insurance Co. Ltd (Cathay), its continuing owner and Generali. Notably, Cathay had contributed its ownership in Conning to GIH for a share of 16.75%. It has also agreed to a minimum of a 10-year financial commitment to specific insurance assets which will be managed by GIH on its behalf.
“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 maximize 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.
“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,” said Tsai.
