Consortium Led by Allianz Completes €3.5B Acquisition of Viridium Group

A consortium including Allianz, BlackRock, Generali Financial Holdings, Hannover Re, and T&D Holdings has finalized the €3.5 billion acquisition of Viridium Group, a European life insurance consolidation platform, from Cinven. Santander Insurance and PG3 are set to replace Hannover Re as consortium members by the end of September 2025, with Hannover Re maintaining an investment in the company.

Viridium will continue operating as an independent platform, aiming to expand its insurance and asset management capabilities to capitalize on growth opportunities within the fragmented European closed-life insurance sector. The consortium's financial strength is expected to bolster Viridium's market position and support its 3.4 million policyholders.

The transaction marks Cinven's exit after over a decade of majority ownership and is positioned to influence the future of the European closed-life insurance landscape by providing new options for managing closed-life portfolios and enhancing industry consolidation.