Cinven considers sale of German life insurer Viridium

Written by Adam Cadle

04/10/2023

Cinven is considering a sale of German life insurer Viridium.

According to Reuters, the private equity firm is working with advisers at Fenchurch Advisory and Goldman Sachs (GS.N) to gauge interest in Viridium, which buys old books of policies from other insurers.

Cinven owns a majority of Viridium, with insurers Hannover Re (HNRGn.DE) and Assicurazioni Generali (GASI.MI) holding minority stakes. It is unclear if the minority investors would sell alongside Cinven in a potential transaction.

Formerly part of Lloyds Banking Group, Viridium oversaw 3.6 million policies and managed assets of €65bn at the end of last year. It had a book value of more than €1bn in 2021, according to its latest public accounts.

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