New York private equity firm Aquiline Capital Partners LLC said Tuesday it has acquired insurance industry asset manager and researcher Conning & Co. from Swiss Reinsurance Co. (SWCEY).

The deal includes include Conning's U.S. and European businesses. The company did not disclose the purchase price.

Swiss Re acquired Conning in 2001 from MetLife Inc. (MET). In recent quarters, asset write-downs and lower investment gains have taken a toll on the Zurich-based company's earnings, and it has taken steps to reduce its exposure to losses.

"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, in a press release. "We look forward to working with management to expand Conning's position as a premier specialty insurance asset management and service provider."

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

After taking a loss in 2008 and reporting weak earnings in the first quarter, Swiss Re has been looking for ways to pare back.

Over the past year, Warren Buffett's Berkshire Hathaway Inc. (BRKA BRKB) has taken an increasing role in Swiss Re.

In March, Berkshire Hathaway made a $2.6 billion investment in Swiss Re. That followed a deal made last year under which Berkshire Hathaway reinsured a portion of Swiss Re's property/casualty exposure and took a 3% stake in the company's common stock.

-By Lavonne Kuykendall, Dow Jones Newswires; 312- 750-4141; lavonne.kuykendall@dowjones.com