Conning Announces Relationship with Innovative Capital Advisors
HARTFORD, Conn. & CHICAGO--(BUSINESS WIRE)--Conning, a leading global provider of investment management services, risk and capital management solutions, and research to the insurance industry, announced that it has entered into a relationship with Innovative Capital Advisors (ICA) as part of a new initiative to provide clients with access to Commercial Mortgage Loans (CML).
Commercial Mortgage Loans will be originated and underwritten by ICA in accordance with their historical standards and practices, with Conning providing investment and advisory expertise on how the products may support client portfolios based on various risk parameters.
“Thanks to Conning’s relationship with Innovative Capital Advisors, our clients will have the opportunity to further diversify their investment portfolio through participation in small, conservative, and carefully underwritten mortgage loans,” stated Robert Miller, Managing Director and Head of U.S. Business Development for Conning. ”We are excited about this new relationship, and will continue to develop and seek out opportunities to provide insurers with attractive investment options in a continued low interest rate environment.”
Commercial Mortgage Loans -- only available in the private market -- have limited availability to many institutional investors. This is due to the high barriers to market entry associated with in-house capabilities to manage and perform due diligence on loans, the costs of originating, underwriting and servicing loans, state by state regulatory oversight of lending practices, and the need for a national network of mortgage bankers. Conning and ICA are offering cost effective access to this market by providing the necessary management experience and insurance expertise.
“Our new relationship with Conning enables us to offer commercial mortgage loans to their broad client base which will be of tremendous value to them in these very difficult low yield times,” said Peter Mavrogenes, Managing Director and CEO of ICA. “The challenge now is to invest in strategies without assuming excessive risks. Properly done, commercial mortgage loans can substantially help that effort.”
Conning (www.conning.com) is a leading investment management company for the global insurance industry, with more than $86 billion in assets under management as of June 30, 2012 through its global investment centers and its Goodwin Capital Advisers subsidiary. The Company’s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Celebrating its 100th anniversary this year, Conning is focused on the future, providing clients with innovative solutions, leveraging its global capabilities, investment experience and proprietary research. The company is headquartered in Hartford, Connecticut, with additional offices in New York, London, Dublin, Cologne, and Hong Kong.
Innovative Capital Advisors was formed in 2003 to offer investors access to a time tested and very desirable asset class: commercial mortgage loans. This asset class requires specialized knowledge, market access and experience to prudently originate and assess the quality of each individual loan opportunity. For many investors these barriers to entry prove too costly to make a lending effort worthwhile. ICA offers a cost effective solution to this dilemma. We have an established lending process, from underwriting to closing and ongoing management, which has been developed over many years by our team of experienced professionals. This process has proven highly successful with default and delinquency rates well below industry averages.