A consortium of leading insurers and asset managers, including Allianz, BlackRock, Generali Financial Holdings, Hannover Re, and T&D Holdings, has finalized the acquisition of Viridium Group from Cinven. The deal was first announced on March 19, 2025.
The group also stated that Santander Insurance and PG3—a Swiss-based family office—will replace Hannover Re as members of the consortium by September 30, 2025. Viridium will continue to operate independently as a platform focused on managing closed life insurance portfolios.
According to the consortium, "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."
The partnership aims to further develop the European closed life market and provide more options for managing closed life books in the region. The transaction brings together major financial institutions with experience in insurance and asset management.
Viridium Group is one of Germany’s largest life insurance consolidators, managing over 3.2 million contracts and approximately €68 billion in assets under management at year-end 2024. It holds about five percent of the German market share and ranks among the top two life consolidators in continental Europe. Viridium operates four companies: Proxalto Lebensversicherung, Entis Lebensversicherung, Heidelberger Lebensversicherung, and Skandia Lebensversicherung.
Allianz is recognized as one of the world’s largest insurers and asset managers, serving clients in nearly 70 countries. In 2024, it managed around €768 billion for its insurance customers and achieved a total business volume of €179.8 billion.
BlackRock provides investment management services globally and focuses on making investing accessible for individuals. More information about BlackRock's activities in Europe can be found at https://www.blackrock.com/corporate/insights/public-policy/blackrock-in-europe.
Generali Financial Holdings represents certain entities within Generali Group—one of the world's largest insurance companies—with operations in over 50 countries.
Hannover Re is among the world’s top reinsurers with global operations across property & casualty as well as life & health reinsurance lines.
PG3 started as a single-family office for Partners Group co-founders but has grown into an international investor overseeing more than $10 billion in assets under advisory.
Santander Insurance operates through Grupo Santander's Wealth Management & Insurance division and serves over 23 million customers across Europe and the Americas with protection and savings solutions.
T&D Holdings consists of three Japanese life insurers with total assets equivalent to about €103.9 billion as of March 31, 2025; it also holds a significant stake in Bermuda-based Fortitude Re after investments totaling $1.2 billion since 2020.