A consortium led by Allianz, BlackRock, and T&D Holdings is acquiring Viridium Group, a platform in European life insurance consolidation, from Cinven, in a €3.5 billion transaction.
Cinven, after more than a decade of guiding Viridium, will exit its majority stake in the business.
Generali Financial Holdings and reinsurer Hannover Re will maintain their investment in the company.
Viridium will continue to operate as an independent entity, with its current management team remaining in place.
The company will stay focused on consolidating and managing life insurance portfolios, maintaining its role as a long-term partner to the European insurance market.
This new alliance is expected to help shape the future of the European closed-life insurance sector and offer more options for managing closed-life portfolios within the industry.
The financial strength of the consortium’s members will enhance Viridium’s position, providing a secure future for the 3.4 million policyholders it serves.
The expertise of Allianz, BlackRock, and T&D Holdings in asset management across diverse sectors will support Viridium in generating strong returns for policyholders. Additionally, Viridium’s advanced technology platform will help it capitalise on the growth potential within the fragmented European life insurance market.
The transaction is anticipated to close in the second half of 2025, subject to regulatory approvals and other customary conditions.
Reportedly, ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share.
Bruno Schick, Co-Managing Partner and Head of the DACH team at Cinven, said: “Cinven is proud to have built Viridium from the ground-up and developed it into Germany’s leading life insurance consolidation platform.
“This sale to a consortium of top-tier global insurers and asset managers, with the continued involvement of Hannover Re and Generali, provides an excellent foundation for continued growth and highlights the strategic value of Viridium. It’s a clear reflection of Cinven’s unparalleled leadership in the Financial Services Sector and the DACH region.”
Samy Jazaerli, Senior Principal in Cinven’s Financial Services Sector team, commented: “The investment by Cinven Funds in Viridium is a testament to Cinven’s long-term vision, commitment to excellence and focus on sustainable value creation. Viridium is now perfectly positioned for continued growth.
“With numerous further strategic opportunities in the European life insurance sector and Viridium’s proven capabilities, the company is ideally placed, and we wish Viridium every success in the years to come.”
Dr Tilo Dresig, CEO of Viridium Group, noted: “I would like to thank Cinven for its valuable support and partnership throughout its investment. Cinven’s entrepreneurial approach, insurance expertise, and our shared vision have been key to Viridium’s development as a leading German life insurer.
As a result, the company is now strategically positioned to seize significant future growth. It has been a pleasure working together to reach this important milestone for Viridium. We look forward to the exciting opportunities ahead.”
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