BlackRock joins consortium to acquire Viridium Group

A group of major financial companies, including Allianz, BlackRock, and T&D Holdings, will acquire Viridium Group, a prominent life insurance company in Europe. This deal aims to boost Viridium's growth and stability. Cinven, the current majority owner, will exit after over ten years of investment. Generali Financial Holdings and Hannover Re will remain involved as investors. Viridium will continue operating independently, focusing on managing closed life insurance portfolios. The consortium's investment will help Viridium solidify its role as a key player in the European life insurance market. With 3.4 million policyholders, Viridium expects to benefit from enhanced financial support and expertise. The partnership aims to improve the management of closed life insurance portfolios, offering better options for the European insurance industry. The deal is projected to close in late 2025, pending regulatory approvals. The transaction is valued at around EUR 3.5 billion, with T&D Holdings acquiring the largest share. Viridium is one of the leading life insurance consolidators in Germany, managing approximately EUR 67 billion in assets. The company aims to create value for its customers while maintaining strong financial returns.