Generali acquires Conning from Cathay Life

Impact on Generali's Solvency II ratio is expected to be minimal.

Generali acquired Conning Holdings, a global asset manager for insurance and institutional clients, from Cathay Life.

Conning and its affiliates manage approximately $157b in assets, serving insurance companies and institutional clients. 

The business includes Conning (insurance and institutional fixed-income), Octagon Credit Investors (bank loans, CLOs, and specialty credit), Global Evolution (emerging markets debt), and Pearlmark (debt and equity real estate).  

Conning and its affiliates will continue to be led by their current management teams, ensuring stability and continuity. 

Generali Asset Management will benefit from Conning's client base in the US and Asia, enhancing its global investment solutions and distribution capabilities.

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The combined platform will have $709b  in assets under management, and Generali Group's total assets under management will increase to $845b.

Cathay Life will own 16.75% of the share capital of Generali Investments Holding (GIH) at closing, and a long-term partnership agreement has been established. Generali and Cathay Life have also agreed to earn-out provisions based on predefined terms.

The agreements grant governance rights to Cathay Life regarding GIH and include a lock-up period for Cathay Life's shares. 

The impact on Generali's Solvency II ratio is expected to be minimal, and no upfront cash consideration is involved.