Reuters
Generali has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding, the Italian insurer said on Thursday. The deal, structured as an exchange of assets without a cash consideration, realises Generali CEO Philippe Donnet's ambition of expanding into the asset management sector in the United States. Under its current three-year plan, Generali had been seeking acquisition targets in insurance and asset management, earmarking up to 3 billion euros ($3.25 billion) for M&A transactions and citing possible deals in Europe, Asia and the United States.