Allianz, BlackRock cohort to acquire insurance consolidator Viridium

(Alliance News) - Allianz SE and BlackRock Inc on Wednesday said they were part of a consortium ...

Alliance News 19 March, 2025 | 2:11PM
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(Alliance News) - Allianz SE and BlackRock Inc on Wednesday said they were part of a consortium that has agreed to purchase European life insurance consolidator Viridium Holding AG.

The Munich-based financial services company and the New York City-based investor said have partnered with Japanese insurer T&D Holdings Inc on the EUR3.5 billion deal, under which T&D will acquire the largest share.

The group has purchased the stake from London-based private equity firm Cinven Ltd, which will exit as majority stakeholder after more than a decade.

Under the agreement, Viridium will continue to operate as an independent, stand-alone platform. The company has 3.4 million current policyholders.

Existing investors that will remain as stake holders are Hannover, Germany-based reinsurer Hannover Re and Generali Financial Holdings, a unit of Trieste, Italy-based insurer Assicurazioni Generali Spa.

"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," Allianz commented.

"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 will be 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.

On Wednesday afternoon, Allianz shares traded down 0.7% at EUR355.80 in Frankfurt; Hannover shares were 1.4% lower at EUR271.10; Assicurazioni Generali traded 0.7% lower at EUR32.63 in Milan.

BlackRock traded 0.3% higher at EUR961.01 in New York

By Aidan Lane, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Hannover Rueck SE Registered Shares 271.60 EUR -1.24
Generali 32.75 EUR -0.18
Allianz SE 355.50 EUR -0.78

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