Viridium Group is the leading specialist in the efficient management of life insurance portfolios in Germany. The foundation of its activities is a customer-focused service organisation combined with efficient portfolio management. As of mid-2017, the companies of Viridium Group administered a combined total of about one million insurance policiesand about €15 billion in assets. The Group's shareholders are Cinven, a leading international private equity firm, and Hannover Re, the world's third-largest reinsurance company.
Cinven is nearing the completion of a €3.5 billion ($3.8 billion) sale of Viridium Group, Germany's largest life insurance administrator, to a consortium led by Allianz. The consortium also includes BlackRock, T&D, and Generali, which already owns a 10% stake in Viridium.
Since acquiring a majority stake in 2013, Cinven has transformed Viridium into a prominent player in the closed-book life insurance market. Hannover Re, a co-founder of Viridium, is expected to sell its stake either partially or entirely as part of this transaction.
This sale represents a significant exit for Cinven, which has been actively consolidating life insurance portfolios in the market. Hannover Re has indicated that the sale will not have a material impact on its earnings. Both Allianz and Cinven have chosen not to comment on the deal.
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