Aquiline to Buy Conning & Co. from Swiss Re

Private equity firm Aquiline Capital Partners LLC, which is run by Jeffrey Greenberg, said Tuesday it agreed to buy insurance services provider Conning & Co. from Swiss Reinsurance Co. Ltd.

Terms of the deal were not disclosed.

Hartford, Connecticut-based Conning will use Aquiline’s investment to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities.

Conning has about $70 billion of general account assets under management and $100 billion of total assets under contract.

New York-based Aquiline invests in financial services companies including property and casualty insurance, asset management and life insurance.

Greenberg, who had been chief executive of insurance broker Marsh & McLennan Cos Inc, is the son of former American International Group Inc. Chief Executive Maurice “Hank” Greenberg.

Aquiline was advised by boutique merchant banking firm SFRi LLC. Sullivan & Cromwell LLP acted as legal counsel and Berkshire Capital Securities LLC acted as financial adviser.

(Reporting by Paritosh Bansal; Editing by Phil Berlowitz)