Investing.com -- A consortium including Allianz (ETR:ALVG), BlackRock (NYSE:BLK) and T&D Holdings has agreed to purchase ownership of Viridium Group, a leading European life insurance consolidation platform, from Cinven. Viridium’s existing investors, Generali (BIT:GASI) Financial Holdings and Hannover Re (OTC:HVRRY), will remain part of the investment group. The consortium is also structured to allow for the addition of other long-term financial investors.
This transaction will lead to Cinven’s exit from its majority investment in Viridium, after more than ten years of investment. Viridium will continue as an independent, stand-alone platform for managing closed life insurance portfolios, under the leadership of its current management team.
The partnership between these leading financial institutions and Viridium aims to contribute to the growth of the European closed-life market. This collaboration will offer the European insurance industry more options for managing closed life-books.
The financial strength of the consortium investors will enable Viridium to keep growing as an independent platform. This will provide a secure financial future for its existing 3.4 million policyholders as well as future policyholders.
The consortium’s leading asset management capabilities across a wide range of asset classes, including private market strategies, will support Viridium’s ability to generate attractive returns for its policyholders. This, along with the consortium’s deep insurance expertise and Viridium’s efficient scalable IT platform, will position Viridium to capitalize on growth opportunities in the fragmented European life insurance market.
The transaction, valued at approximately 3.5 billion Euro, is expected to close in the second half of 2025. The completion of this transaction is subject to regulatory and merger-control approvals and other customary closing conditions. Ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share.
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