A group of institutional investors has completed the €3.5bn acquisition of Germany-based life insurance platform Viridium Group from private equity firm Cinven.
The deal marks a major shift in the European closed-book life insurance sector. The transaction was originally announced on March 19, 2025
The buyer consortium includes Allianz, BlackRock, Generali Financial Holdings, PG3, Santander Insurance, and T&D Holdings. Hannover Re, initially part of the group, will exit the consortium by Sept. 30, with PG3 and Santander Insurance stepping in as its replacements.
- Consortium consisting of Allianz, BlackRock, Generali Financial Holdings, Hannover Re and T&D Holdings, completes the acquisition of Viridium Group from Cinven.
- Santander Insurance and PG3, a Swiss-based family office, will replace Hannover Re as member of the consortium by September 30, 2025
Viridium will remain an independent stand-alone platform. Viridium’s policyholders will benefit from elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalize on the growth opportunities of a fragmented European life 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.
T&D Holdings announced in a separate statement that it secured a 29.9% stake in Viridium for approximately ¥116bn ($790mn).
Following the transaction, Viridium will be treated as an equity method affiliate starting in Q2 of T&D’s fiscal year ending March 31, 2026. The company confirmed this move will not affect its consolidated earnings forecast for that period.
The consortium stated that the transaction enhances Viridium’s access to advanced insurance and asset management capabilities, reinforcing its position in the fragmented European life insurance market.
The investors stated the partnership aims to expand optionality for managing closed life books and to support long-term stability in the sector.
The acquisition reflects broader interest in closed-book consolidation strategies across Europe, as insurers seek scale and operational efficiency.
