Market updates and sector developments

Generali Investment Holdings (GIH) is set to acquire Conning and its affiliates, with the aim of enhancing the long-term growth plans of both companies. Conning will continue to execute its growth strategies with support from the company’s current owner, Cathay Life Insurance Co, and Generali.

Conning and its affiliates will continue to operate independently under their current management teams, including the leadership of ceo and chair Woody Bradford. Following the closing, Octagon Credit Investors, Global Evolution Holding and Pearlmark Real Estate will benefit from continued strategic support from Generali and Cathay, including additional assets to manage, collaboration on opportunities to seed new strategies and the exploration of other potential investments.

As part of the transaction, Cathay will contribute its ownership of Conning and its affiliates in exchange for a 16.75% in ownership of GIH. Additionally, Cathay has agreed to a minimum 10-year financial commitment in relation to certain insurance assets that will continue to be managed on its behalf by the Generali Asset Management businesses, including Conning.

“Through the acquisition of Conning and its affiliates and the long-term partnership with Cathay Life, Generali will enhance its asset management capabilities, strengthen its footprint in the key US and Asian markets, and create a platform to deliver on its broader asset management strategic ambitions in order to maximise value for all stakeholders, including Generali’s insurance business,” comments Philippe Donnet, group ceo of Generali.

The transaction is subject to regulatory approval and is anticipated to close in 1H24.