Viridium Group, a consolidator of life insurance portfolios in Europe, is set to operate under new ownership following an acquisition by a consortium of insurers and asset managers.
The transaction, valued at approximately €3.5 billion, is expected to impact the management of closed life insurance policies, potentially influencing the direction of the European life insurance sector.
The consortium, led by Allianz, BlackRock, and T&D Holdings, will acquire Viridium from private equity firm Cinven, which is exiting after more than a decade of investment.
Generali Financial Holdings and Hannover Re will remain as investors.
In 2023, Cinven considered selling Viridium after the collapse of its insurance investment, Eurovita.
In July, reports emerged that Viridium was attracting interest from companies such as Athora, Apollo Global Management affiliate, and Resolution Life, in a deal that could have valued the company at around €3 billion.
The deal with the consortium, which allows for additional financial investors to join, is expected to close in the second half of 2025, subject to regulatory approvals and other conditions.
Viridium will continue operating as an independent entity with its existing leadership team. The company manages €67 billion in assets and serves 3.4 million policyholders, focusing on acquiring and managing closed life insurance portfolios. This business model provides insurers with options for restructuring legacy policies while ensuring continued service for policyholders.
The acquisition comes at a time when the European closed-life insurance market is seeing increased activity. As insurers seek solutions for managing long-term policy obligations, consolidators like Viridium play a role in providing alternative structures.
The involvement of leading insurers and asset managers in the new ownership group introduces additional financial and operational resources to the business.
T&D Holdings is set to take the largest share in the consortium, though no single investor will fully consolidate the investment. The company’s existing insurance businesses in Japan, alongside Allianz and BlackRock’s financial management expertise, will be integrated into Viridium’s operational framework.
Cinven’s exit follows a period of expansion for Viridium, which has positioned itself as a key player in managing closed life insurance books across Germany and Europe.
With the transition to new ownership, the company will continue to scale its operations, supported by its IT platform and asset management strategies.
How might this shift in ownership affect policyholders and the European life insurance market? Readers are invited to share their perspectives in the comments.
