A consortium of insurers and asset managers has completed its acquisition of Viridium Group, a European closed-book life insurance platform, from private equity firm Cinven.
The transaction, first announced on March 19, 2025, has now formally closed. Financial terms of the deal were not disclosed.
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. Santander Insurance and PG3, a Swiss-based family office associated with the co-founders of Partners Group, will join in its place.
Viridium will continue to operate as an independent business, focused on managing life insurance portfolios that are closed to new business. The company said it expects to benefit from the combined insurance and asset management expertise of its shareholders.
Investor-backed consortiums have become increasingly active in the European insurance sector, particularly in the life run-off space. With insurers looking to reduce capital intensity and simplify balance sheets, closed-book transactions have attracted long-term capital from both traditional insurers and institutional investors. In recent years, similar groups have been involved in deals targeting legacy life operations, annuity books and back books of unit-linked products across Europe.
The model allows insurers to offload liabilities while retaining regulatory compliance and policyholder protections. Asset managers and reinsurers within these consortiums typically contribute investment strategies aimed at enhancing returns on long-duration assets, while insurers provide structuring expertise and regulatory credibility.
The consortium said its investment in Viridium supports the continued development of the European closed-life market and reflects growing demand for specialised platforms capable of managing long-term obligations at scale.
Viridium, headquartered in Neu-Isenburg, Germany, has expanded its portfolio through a series of acquisitions and currently manages several million policies across a number of European jurisdictions. It is one of several platforms in the region positioned to take advantage of industry consolidation and changes in regulatory capital requirements.
