Cathay Life Insurance, a subsidiary of Taiwan-based Cathay Financial Holding, has completed the acquisition of Conning Holdings, for about $240m.
The deal was first announced by both firms in November 2014.
Conning, which was established in 1912, is an investment firm that focuses on the insurance industry, offering services in risk and capital management and insurance research.
New York-based Aquiline Capital Partners helped Cathay Life to manage the funds required for the acquisition.
Under the deal, Conning continues to operate as an independent firm within the Cathay group and managed by its own board of directors.
Based in Hartford of Connecticut, Conning has around $92bn in assets under management through its subsidiaries Conning, Inc., Conning Asset Management, Cathay Conning Asset Management, Goodwin Capital Advisers and Conning Investment Products.
Conning also provides services to the clients through its offices in New York, London, and Cologne, while in Hong Kong through Cathay Conning Asset Management, a joint venture of Conning and Cathay.
The acquired business will help Cathay to develop a complete financial services platform with expertise in asset management, banking and insurance.
The deal will also allow both firms to expand their services for clients in the third-party asset management market.
At the time of acquisition, 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."
Last week, Alibaba’s financial service affiliate Zhejiang Ant Small & Micro Financial Services Group (Ant Financial) agreed to purchase a 60% stake in Cathay Financial Holdings’ Chinese subsidiary Cathay Insurance, for around CNY1.2bn ($188m).
Image: Conning offers services in risk and capital management and insurance research. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.