Joint Press Release of Allianz, BlackRock, Generali Financial Holdings, Hannover Re, PG3, Santander Insurance, T&D Holdings and Viridium
- Consortium consisting of Allianz, BlackRock, Generali Financial Holdings1 , Hannover Re and T&D Holdings, completes the acquisition of Viridium Group from Cinven. The transaction was originally announced on March 19, 2025
- Santander Insurance and PG3, a Swiss-based family office, will replace Hannover Re as member of the consortium by September 30, 2025
- Viridium will continue to operate as an independent, stand-alone platform for the management of closed life insurance portfolios
Baar, Hanover, Madrid, Munich, Neu-Isenburg, New York, August 1, 2025
The consortium of top-tier insurers and asset managers, which includes Allianz, BlackRock, Generali Financial Holdings1, Hannover Re and T&D Holdings, announced today that it has completed the acquisition of Viridium Group, a leading European life insurance consolidation platform, from Cinven.
The transaction was initially announced on March 19, 2025.
The consortium further announced that Santander Insurance and PG3, the family office of the three Partners Group co-founders, 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.
[1] Generali Financial Holdings FCP-FIS Sub-fund 2, a sub-fund of Generali Financial Holdings FCP-FIS.