Generali Group Acquires Conning Holdings

INVESTMENT MANAGEMENT DEALS BLOG

July 24, 2023

On July 6, 2023, Generali Group announced that it will acquire Conning Holdings Limited.

Under the terms of the transaction, Generali Investment Holdings (“GIH”), an entity comprising the majority of asset management activities of Generali Group (“Generali”), will acquire Conning Holdings Limited (“Conning”). Conning will continue to execute its growth strategies with the support of the firm’s current owner, Cathay Life Insurance Co. Ltd. (“Cathay”), and Generali. Cathay will enter into a partnership with Generali by contributing its ownership of Conning in exchange for 16.75% ownership of GIH. The transaction, subject to customary regulatory review, is expected to close in the first half of 2024.

Generali, based in Trieste, Italy, is an asset manager and insurance group. Generali had a total premium income that exceeded €81.5 billion in 2022. Bank of America Securities advised Generali on the transaction.

Conning, based in Hartford, Connecticut, is a global investment firm serving in the insurance industry with $157 billion in assets under management as of March 31, 2023.

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