Consortium including Allianz, BlackRock and T&D Holdings to acquire Viridium for €3.5bn

Written by Adam Cadle

19/03/2025

A consortium including Allianz, BlackRock and T&D Holdings will acquire ownership of Viridium Group (Viridium) from Cinven for around €3.5bn.

Generali Financial Holdings and Hannover Re remain investors and the consortium is structured to also enable the addition of other long-term financial investors. Through this transaction, Cinven exits from its majority investment 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 specialise exclusively in consolidating and managing life insurance portfolios and operate as 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 scalable IT platform, the latter will be uniquely positioned to capitalise 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.

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