Joint Press Release of Allianz, BlackRock, Generali Financial Holdings, Hannover Re, T&D Holdings and Viridium
- Allianz, BlackRock and T&D Holdings invest in Viridium Group. Generali Financial Holdings1 and Hannover Re remain investors in Viridium joining the Consortium. Cinven will exit its investment after more than ten years
- Viridium will continue to operate as an independent, stand-alone platform for the management of closed life insurance portfolios
- The ownership by top-tier insurers, asset managers and other long-term financial investors will further strengthen Viridium’s position as a leading European life insurance consolidator, supporting it to ensure a financially secure future for its existing 3.4 million and future policyholders
- This partnership will contribute to the development of the European closed- life market and will further provide the European insurance industry with optionality for the management of closed life-books
- Viridium’s policyholders will benefit from elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalize on the growth opportunities of a fragmented European life insurance industry
- Viridium’s insurance business is expected to continue generating stable earnings and attractive financial returns for its shareholders, with significant growth opportunities in Germany and Europe as the business continues to scale
Hanover, Munich, Neu-Isenburg, New York, March 19, 2025
A consortium including Allianz, BlackRock and T&D Holdings will acquire ownership of Viridium Group (Viridium), a leading European life insurance consolidation platform, from Cinven. Generali Financial Holdings and Hannover Re remain investors. The consortium is structured to also enable the addition of other long-term financial investors. Through this transaction, Cinven exits from its majorityinvestment in Viridium after more than a decade of developing a highly successful insurance business.
Viridium will remain an independent stand-alone platform, led by the current management team. It will continue to specialize exclusively in consolidating and managing life insurance portfolios and operateas a long-term partner to the European insurance industry.
This partnership between leading financial institutions and Viridium will contribute to the development of the European closed-life market and will further provide the European insurance industry with optionality for the management of closed-life books.
The strong financial standing of the consortium investors will enable Viridium to continue growing successfully as an independent stand-alone platform, providing a financially secure outlook for its current 3.4 million and future policyholders.
The consortium’s leading asset management capabilities across a wide spectrum of asset classes, including private market strategies, will also support Viridium’s ability to generate attractive returns for its policyholders while maintaining a sound financial position. Coupled with the consortium’s deep insurance expertise and Viridium’s highly efficient scalable state-of-the-art IT platform, Viridium willbe uniquely positioned to capitalize on the growth opportunities arising from a fragmented European life insurance market.
The transaction is expected to close in the second half of 2025. The completion of the transaction is subject to regulatory and merger-control approvals and other customary closing conditions.
Financial details
The transaction value amounts to approximately EUR 3.5 bn2. Ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share3.
[1] Generali Financial Holdings FCP-FIS Sub-fund 2, a sub-fund of Generali Financial Holdings FCP-FIS.
[2] Headline price, including equity and debt financing.
[3] Due to the ownership structure the investment is not fully consolidated by any shareholder.