Wednesday June 17, 10:27 AM
Swiss Re sells US financial services subsidiary
ZURICH (AFP) - Reinsurer Swiss Re has sold US asset managers Conning & Company to New York private equity firm Acquiline Capital Partners, a spokesman for the Swiss group said on Wednesday.
The transaction involved the whole of the group's holding in Conning, which specialises in financial services for the insurance market, a Swiss Re (Virt-X: RUKN.VX - news) spokesman told AFP.
The value of the deal was not disclosed.
Swiss Re bought Conning, which manages some 70 billion dollars (50.4 billion dollars) of assets, in 2001, shortly after it decided on a strategic shift to expand its financial services business.
The world's second-biggest reinsurer later suffered a severe blow in the financial crisis and only returned to profitability earlier this year after plunging to its biggest annual loss in 2008.
Analysts at Vontobel Bank said Conning had "never made a significant contribution to Swiss Re's earnings."
Aquiline said its investment would allow Conning to bolster its business.
"Swiss Re will maintain a strong relationship with Conning as a recipient of its services," the US firm said in a statement.
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