Generali to Buy Asset Manager Conning to Boost Global Reach (2)

Assicurazioni Generali SpA has agreed to buy Conning Holdings Ltd. as part of its plan to expand in asset management.

Generali is acquiring Conning and its affiliates, Italy’s largest insurer said in a statement Thursday, confirming an earlier Bloomberg report.

No upfront cash consideration is payable by Generali, according to the statement. Instead, Cathay Life, a unit of Cathay Financial Holding Co. and the owner of Conning, will take a 16.75% stake in Generali Investments Holding SpA, which comprises the bulk of Generali’s asset management activities. Generali and Cathay Life will enter into a long-term partnership for a minimum of ...