Cathay Financial To Acquire Conning Holdings Corp.

November 12, 2014

On November 12, 2014, Cathay Financial Holding Co. announced that its subsidiary, Cathay Life Insurance Co., approved the acquisition of Conning Holdings Corp. and all of its subsidiaries.


On November 12, 2014, Cathay Financial Holding Co., Ltd. (“Cathay”) announced that the Board of Directors of its subsidiary, Cathay Life Insurance Co. Ltd. (“Cathay Life”), approved the acquisition of Conning Holdings Corp. (“Conning”) and all of its subsidiaries. Cathay Life will purchase Conning for up to $240 million from funds managed by Aquiline Capital Partners, LLC, a New York-based private equity firm investing in financial services, and other shareholders.

Following the closing of the transaction, Conning will operate as an independent company within the Cathay group and be governed by its own Board of Directors.  Conning’s teams across asset management, risk and capital management and insurance research will remain in place.

Cathay is the largest financial holding company in Taiwan.  As of June 30, 2014, Cathay had total assets of over $200 billion.  Cathay Life is the largest insurance company in Taiwan and, as of June 30, 2014, had total assets of over $146 billion.

Conning is a global investment manager focused on the insurance industry with approximately $92 billion in assets under management as of September 30, 2014.

The transaction is subject to regulatory approvals and is expected to close in the second half of 2015.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions