Swiss Re to acquire Conning Corporation

Apr 25, 2001, 01:00 ET from Swiss Re and MetLife

    NEW YORK, April 25 /PRNewswire/ -- Swiss Re and MetLife today announced
 that Swiss Re will acquire Conning Corporation, a MetLife affiliate and one of
 the United States' leading companies specializing in asset management for
 insurance company investment portfolios.  The company also is a provider of
 private equity, institutional research and mortgage loan services to financial
 services companies. The acquisition significantly strengthens Zurich-based
 Swiss Re's newly created Financial Services Business Group. Terms of the
 transaction, expected to close mid-year, were not disclosed.
     "Conning is an excellent fit with our existing businesses and advances our
 strategic aim to expand in  financial services," said Swiss Re chief executive
 officer Walter B. Kielholz. "Combining Conning's capabilities and sizable
 assets under management with our investment, private equity and research
 expertise enhances our existing strengths and will provide clients with an
 exciting range of high quality products and services."
     "Conning has performed strongly over the last year and its employees are
 doing an excellent job of strengthening Conning's position as a clear leader
 in providing financial intelligence and solutions in its markets," said Gary
 A. Beller, MetLife senior executive vice president and general counsel. "This
 transaction will allow Conning to continue to grow in the broader financial
 services market and evolve as part of the Swiss Re group."
     Swiss Re's Financial Services Business Group was formed earlier this year
 by consolidating existing divisions including: Swiss Re Investors, which
 provides a full range of investment advisory services to the insurance and
 financial services industries; Swiss Re New Markets, which concentrates on
 underwriting, aviation and space risks, structured finance and credit
 solutions to large corporate clients; and Capital Partners, Swiss Re's
 merchant and investment banking arm with its subsidiaries Fox-Pitt, Kelton,
 Securitas Capital and credit insurer NCM.
     "Together, Conning and Swiss Re will offer clients unparalleled expertise
 in the rapidly converging insurance and financial markets," said John Baily,
 president of Capital Partners. "Combining Conning's  approximately $20 billion
 in assets under management with Swiss Re's asset management business
 establishes Swiss Re's position as one of the top five third-party asset
 managers in the US for the insurance industry. Further, Conning's private
 equity unit will significantly enhance and complement Securitas Capital, our
 private equity arm.  We're also excited about the opportunities to bring
 together Conning's research arm with Swiss Re's independent investment bank,
 Fox-Pitt, Kelton, and to add commercial mortgage loan and real estate
 expertise to our financial services platform through Conning 's real estate
 operations."
     Swiss Re is a leading reinsurer and the world's largest life reinsurer.
 With more than 9000 employees, Swiss Re is represented at more than 70 offices
 in over 30 countries world-wide. Swiss Re is rated "Aaa" by Moody's, "AAA" by
 Standard & Poor's and  "A++" by A.M. Best.
     MetLife, through its subsidiaries and affiliates, is a leading provider of
 insurance and other financial services to individual and group customers. The
 MetLife companies serve approximately nine million individual households in
 the U.S. and companies and institutions with 33 million employees and members.
 It also has international insurance operations in 12 countries.
 
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SOURCE Swiss Re and MetLife
    NEW YORK, April 25 /PRNewswire/ -- Swiss Re and MetLife today announced
 that Swiss Re will acquire Conning Corporation, a MetLife affiliate and one of
 the United States' leading companies specializing in asset management for
 insurance company investment portfolios.  The company also is a provider of
 private equity, institutional research and mortgage loan services to financial
 services companies. The acquisition significantly strengthens Zurich-based
 Swiss Re's newly created Financial Services Business Group. Terms of the
 transaction, expected to close mid-year, were not disclosed.
     "Conning is an excellent fit with our existing businesses and advances our
 strategic aim to expand in  financial services," said Swiss Re chief executive
 officer Walter B. Kielholz. "Combining Conning's capabilities and sizable
 assets under management with our investment, private equity and research
 expertise enhances our existing strengths and will provide clients with an
 exciting range of high quality products and services."
     "Conning has performed strongly over the last year and its employees are
 doing an excellent job of strengthening Conning's position as a clear leader
 in providing financial intelligence and solutions in its markets," said Gary
 A. Beller, MetLife senior executive vice president and general counsel. "This
 transaction will allow Conning to continue to grow in the broader financial
 services market and evolve as part of the Swiss Re group."
     Swiss Re's Financial Services Business Group was formed earlier this year
 by consolidating existing divisions including: Swiss Re Investors, which
 provides a full range of investment advisory services to the insurance and
 financial services industries; Swiss Re New Markets, which concentrates on
 underwriting, aviation and space risks, structured finance and credit
 solutions to large corporate clients; and Capital Partners, Swiss Re's
 merchant and investment banking arm with its subsidiaries Fox-Pitt, Kelton,
 Securitas Capital and credit insurer NCM.
     "Together, Conning and Swiss Re will offer clients unparalleled expertise
 in the rapidly converging insurance and financial markets," said John Baily,
 president of Capital Partners. "Combining Conning's  approximately $20 billion
 in assets under management with Swiss Re's asset management business
 establishes Swiss Re's position as one of the top five third-party asset
 managers in the US for the insurance industry. Further, Conning's private
 equity unit will significantly enhance and complement Securitas Capital, our
 private equity arm.  We're also excited about the opportunities to bring
 together Conning's research arm with Swiss Re's independent investment bank,
 Fox-Pitt, Kelton, and to add commercial mortgage loan and real estate
 expertise to our financial services platform through Conning 's real estate
 operations."
     Swiss Re is a leading reinsurer and the world's largest life reinsurer.
 With more than 9000 employees, Swiss Re is represented at more than 70 offices
 in over 30 countries world-wide. Swiss Re is rated "Aaa" by Moody's, "AAA" by
 Standard & Poor's and  "A++" by A.M. Best.
     MetLife, through its subsidiaries and affiliates, is a leading provider of
 insurance and other financial services to individual and group customers. The
 MetLife companies serve approximately nine million individual households in
 the U.S. and companies and institutions with 33 million employees and members.
 It also has international insurance operations in 12 countries.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X19877541
 
 SOURCE  Swiss Re and MetLife