A consortium of leading insurers and asset managers has finalized its acquisition of Viridium Group, a prominent European closed-book life insurance platform, from private equity firm Cinven.
The transaction, originally announced on March 19, 2025, has now officially closed. Financial details of the deal remain undisclosed.
The consortium includes Allianz, BlackRock, Generali Financial Holdings, Hannover Re, and T&D Holdings. As part of the next phase, Hannover Re will exit the group by September 30, 2025. They will be succeeded by Santander Insurance and PG3, a Swiss-based family office linked to the co-founders of Partners Group.
Investor-led consortiums have been increasingly active in Europe’s insurance sector, particularly within the life run-off market. As insurers seek to reduce capital intensity and streamline their balance sheets, closed-book transactions have emerged as a strategic solution, attracting long-term capital from both traditional insurers and institutional investors. Over recent years, similar consortiums have been instrumental in acquiring legacy life portfolios, annuity books, and back books of unit-linked products across the region.
This model enables insurers to offload long-term liabilities while maintaining regulatory compliance and safeguarding policyholder interests. Within these consortiums, asset managers and reinsurers contribute investment strategies designed to optimize returns on long-duration assets, while insurers bring structuring expertise and regulatory know-how.
Headquartered in Neu-Isenburg, Germany, Viridium has significantly expanded its portfolio through a series of strategic acquisitions. The platform now manages several million policies across multiple European jurisdictions. Positioned at the forefront of industry consolidation, Viridium is well-placed to capitalize on evolving regulatory capital requirements and market dynamics.
