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HARTFORD, Conn.—Swiss Reinsurance Co. has sold asset management firm Conning & Co. to private equity firm Aquiline Capital Partners L.L.C. for an undisclosed sum, Aquiline and Conning said Tuesday.
A Swiss Re spokeswoman said the reinsurer decided to sell the Hartford, Conn.-based firm as part of its strategy of “focusing on our core business and simplifying our organization.” The sale includes Conning’s U.S. and European business.
Conning is the largest independent insurance asset manager and the third-largest insurance general account manager globally, with about $70 billion of general account assets under management and $100 billion of total assets under contract, according to the joint statement.
New York-based Aquiline, whose chief executive officer is former Marsh & McLennan Cos. Inc. Chairman Jeffrey Greenberg, invests in financial services enterprises in industries including property/casualty insurers and reinsurers and asset management, among others, according to the statement.