Taiwan-based Cathay Financial Holding subsidiary Cathay Life Insurance has agreed to acquire Conning Holdings and all of its subsidiaries, for around $240m.
Established in 1912, Conning is a global investment manager focused on the insurance industry, providing services in risk and capital management and insurance research.
New York-based Aquiline Capital Partners will support Cathay Life to manage the funds required for the acquisition.
Cathay Financial Holding chairman Hong-tu Tsai said: "We are excited to broaden our relationship with Conning and support the leadership team as they continue to build the business, both organically."
Conning will continue to operate as an independent company within the Cathay group, and will be managed by its own board of directors, following completion of the transaction.
As of 30 September 2014, Conning has $92bn assets under management through its subsidiaries Conning, Inc., Conning Asset Management, Cathay Conning Asset Management, Goodwin Capital Advisers and Conning Investment Products.
The company also provides services across the globe through its offices in New York, London, and Cologne.
Conning Holdings president and CEO Woody Bradford said: "Cathay supports the continuation of our firm’s client-focused culture and service model and will provide additional resources to accelerate our business plans and further enhance the value proposition for our clients."
Conning noted that Cathay Conning Asset Management, a joint venture of Conning and Cathay, will remain a core part of Conning’s strategy in Asia Pacific, offering global investment and advisory solutions from its offices in Hong Kong.
Subject to regulatory approvals, the transaction is expected to be completed in the second half of 2015.
Image: Conning provides services in risk and capital management and insurance research. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.