By Cecilia Butini

Assicurazioni Generali said Thursday that it has acquired asset manager Conning Holdings from Cathay Life and has entered into a partnership with the latter.

The Italian insurer said the acquisition will increase its assets under management to $845 billion and reinforce its Asset Management division's strategy. Asset Management will become a global provider of investment solutions with a combined platform of $709 billion in assets under management, according to Generali.

Cathay Life will become a minority shareholder of Generali Investments Holding, which includes the majority of Generali's asset management activities, the insurer said.

Cathay Life is expected to hold 16.75% of the share capital of Generali Investments Holding at the closing of the transaction. Cathay Life will then enter into an asset-management agreement with Generali for a minimum of ten years, the company said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

July 06, 2023 10:22 ET (14:22 GMT)

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