Regulatory authorities in Taiwan have given Conning Holdings Corp. permission to join with a local company to run an insurance company asset management business in the Asia Pacific region.
Conning Holdings, a unit of Conning & Company, Hartford, has been working with Cathay Financial Holding Company Ltd., Taipei, Taiwan, to form an asset management company that is supposed to open its doors in Hong Kong by early 2012.
Conning and Cathay Financial will each own 50% of the new company, and Cathay Financial will buy a minority stake in Conning, Conning says.
Conning and Cathay Financial are still seeking approval for the arrangement from regulators in Hong Kong.
Conning ended the second quarter managing about $77 billion in assets.
Aquiline Capital Partners L.L.C., New York, a private equity firm, controls Conning. The chairman of Aquiline is Jeff Greenberg, the son of Maurice Greenberg.
- Allison Bell