Allianz, BlackRock and T&D in consortium for Cinven's Viridium stake (updated)

Hannover Rueck SE

19/03/2025 12:04

Updates sourcing in paragraph 1; details in paragraphs 2-5

FRANKFURT, March 19 (Reuters) - A consortium that includes Allianz ALVG.DE, BlackRock and T&D Holdings are investing in Viridium Group in a 3.5 billion euro  ($3.82 billion) deal that will see the private equity company Cinven exit as a majority investor, the companies said on Wednesday.

Viridium is a company that specializes in buying existing life insurance portfolios, and it will continue to operate as a stand-alone platform.

The sale has been in the works for months and
Reuters reported
 last week that a deal was near.

T&D, a Japanese insurer, will hold the biggest share. Generali GASI.MI and Hannover Re HNRGn.DE, which were already investors, will remain shareholders.

"The consortium is structured to also enable the addition  of other long-term financial investors," the companies said.

($1 = 0.9168 euros)

 (Reporting by Tom Sims and Alexander Huebner; editing by Matthias Williams and Madeline Chambers)

 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))