A consortium including Allianz, BlackRock, Generali Financial Holdings, Hannover Re and T&D Holdings, have completed the acquisition of Viridium Group, a European life insurance consolidation platform, from Cinven.
The transaction was initially announced on March 19, 2025, stating Viridium would be acquired by €3.5 billion transaction.
Santander Insurance and PG3, a Swiss-based family office, will replace Hannover Re as member of the consortium by September 30, 2025. It had been previously announced that Hannover Re would maintain its investment in the company.
Cinven, after over a decade of guiding Viridium, will exit its majority stake in the business. Viridium will remain an independent stand-alone platform, and will be better positioned to leverage growth opportunities within the fragmented European life insurance sector, Allianz stated.
This will be achieved by enhancing its insurance and asset management capabilities, ultimately benefiting Viridium’s policyholders.
The 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.
Reportedly, ownership is set to be distributed among the consortium members and financial investors, with T&D Holdings acquiring the largest share.
