Investing.com -- A consortium led by Allianz (ETR:ALVG) is nearing a successful bid for Viridium, Germany’s largest life insurance administrator. The deal, estimated at 3.5 billion euros ($3.80 billion), is expected to be finalized next week, according to Reuters, citing industry sources.
Allianz, a German multinational financial services company, is set to acquire a 25% share in Viridium. Other members of the consortium include U.S. asset manager Blackrock (NYSE:BLK), Japanese life insurer T&D, and Italian insurer Generali (BIT:GASI). Generali already holds a 10% stake in Viridium.
Viridium was founded by Hannover Re (OTC:HVRRY) and financial investor Cinven. The former is reportedly planning to sell all or part of its stake in the company. The news was initially reported by the Versicherungsmonitor industry service.
Clemens Jungsthoefel, Chief Financial Officer of Hannover Re, stated on Thursday that the potential deal would not significantly affect the company’s earnings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.