Aquiline Capital Partners LLC to Acquire Conning & Company

NEW YORK, June 16, 2009 - Aquiline Capital Partners LLC (“Aquiline”), a New York-based private equity firm investing in the financial services sector, today announced it has acquired Conning & Company (“Conning”), a leading global provider of expert solutions and services to the insurance market. The sale by Swiss Reinsurance Company Ltd. (“Swiss Re”), under undisclosed terms, will include Conning’s U.S. and European businesses. Conning is headquartered in Hartford, Connecticut with offices in Dublin, London and New York.

Founded in 1912, Conning provides its clients with an integrated service offering tailored to the insurance industry, consisting of asset management, insurance research and strategic consulting. In addition, Conning has expertise in the alternative investment industry and specializes in the clean energy sector.

Aquiline’s investment will allow Conning to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities. Swiss Re will maintain a strong relationship with Conning as a recipient of its services.

“Aquiline brings a wealth of operational expertise in both insurance and investment management, as well as an extensive relationship network,” said Salvatore Correnti, CEO of Conning. “This is the ideal partnership to support our plans to grow the Conning platform by adding to our skills and products to benefit our current and future clients. We are excited by the prospects for Conning under Aquiline’s ownership and the opportunity to participate directly in the successful growth of our business.”

“Conning has an excellent reputation with a long-standing presence in the insurance industry and a leading market position,” said Jeff Greenberg, Chief Executive of Aquiline. “Conning has delivered superior insight and consistent investment returns to its clients, particularly during the recent disruptions in global credit markets. We look forward to working with management to expand Conning’s position as a premier specialty insurance asset management and service provider.”

Currently the largest independent insurance asset manager and the third largest insurance general account manager globally, Conning has approximately $70 billion of general account assets under management and $100 billion of total assets under contract.

Aquiline was advised by SFRi, LLC, a boutique merchant banking firm serving the insurance and risk management industries. Sullivan & Cromwell LLP acted as legal counsel and Berkshire Capital Securities LLC acted as financial advisor.

About Conning & Company

Founded in 1912, Conning is a leading global provider of expert solutions and services to the insurance market. As a knowledge leader for the insurance industry, Conning serves clients with a unique combination of asset management, insurance research and strategic consulting. The company is headquartered in Hartford, Connecticut with additional offices in New York, London and Dublin.

About Aquiline Capital Partners LLC

Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance and reinsurance, banking and specialty finance, securities, asset management, life insurance and reinsurance, and operations and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.