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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 10, 1999
CONNING CORPORATION
(Exact name of registrant as specified in its charter)
Missouri
(State or other jurisdiction of incorporation)
0-23183 43-1719355
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(Commission File Number) (I.R S. Employer Identification No.)
700 Market Street, St. Louis Missouri 63101
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(Address of principal executive offices) (zip code)
(314) 444-0498
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Item 3(a) of Form 8-K requires a registrant to disclose, among
other things, any proceeding under state law in which a governmental
agency has assumed jurisdiction over the business of the registrant's
parent by leaving the existing directors and officers in possession but
subject to the supervision and orders of the governmental agency.
Although Conning Corporation (the "Company") is not supervised or
regulated by the Missouri Department of Insurance (the "Department"), on
August 10, 1999, General American Life Insurance Company ("General
American"), a major client and majority shareholder of the Company,
became subject to an order of administrative supervision from the
Department. Administrative supervision is the lowest level of oversight
under Missouri insurance law, and requires General American to seek
approval of the Department for major decisions or actions that are
outside the ordinary course of business. The Director of the Division
of Financial Regulation of the Missouri Department of Insurance has been
named Administrative Supervisor of General American.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following exhibit is filed as part of this report
on Form 8-K.
Exhibit 99.1 Press Release issued by the Company and dated
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August 10, 1999, relating to the announcement by General American Life
Insurance Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 18, 1999 CONNING CORPORATION
By: /s/ Fred M. Schpero
Name: Fred M. Schpero
Title: Senior Vice President
and Chief Financial Officer
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Exhibit 99.1
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[CONNING LOGO]
Investor Contact: Fred M. Schpero
or Paul Kopsky, Jr.
(314) 444-0715
Media Contact: David Garino
(314) 982-1700
Internet: http://www.conning.com
CONNING CORPORATION COMMENTS ON ANNOUNCEMENT BY
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GENERAL AMERICAN LIFE
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ST. LOUIS, AUGUST 10, 1999 -- Conning Corporation (NASDAQ:CNNG)
today reported that its significant client and majority shareholder,
General American Life Insurance Company ("General American") announced
it has advised the Missouri Department of Insurance of its inability to
meet substantial demands for surrenders arising from its funding
agreement business. General American also reported that it is in
discussions with several potential strategic partners and continues to
pursue these discussions and other options.
The announcement by General American indicated that recent developments
resulting from a reinsurance and marketing relationship between General
American and ARM Financial led to this action. The announcement stated
that General American is fully capitalized to meet these obligations,
but the unexpected volume of redemptions on certain funding agreements
created severe pressure on the company's liquidity position and its
ability to convert the funds within the tight time frame mandated.
Conning is the asset manager for General American. These developments
related to General American do not involve Conning's day-to-day
operations. The developments from the ARM Financial transaction with
General American will directly result in a reduction of up to $3.5
billion assets under management for Conning in the third quarter.
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Add One
General American continues to be a significant client of the Company and
its direct ownership of Conning has not changed as a result of this
announcement.
Conning provides asset management services primarily to insurance
companies and institutional investors, manages private equity funds
investing in insurance and insurance-related companies, and conducts in-
depth research on the insurance industry.
The preceding discussions of expected future results may
constitute forward-looking statements. Actual results could differ from
expected results due to various factors, including whether final costs
exceed estimates, revenue contributions from transactions and
acquisitions have been projected accurately, and other factors discussed
in company filings with the Securities and Exchange Commission.
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