All key facts announced July 5 have been confirmed
Full continuity guaranteed for all policyholders
Viridium CEO Dr. Heinz-Peter Roß: “Portfolio will be reliably managed”
Viridium Group ("Viridium"), the leading specialist in the efficient management of life insurance portfolios, announced the signing of the purchase agreement with Generali Deutschland AG ("Generali Deutschland") to acquire a majority holding of 89.9% in Generali Lebensversicherung AG ("Generali Leben"). The key facts announced on July 5, 2018 were fully confirmed in the context of the agreed transaction. Generali Deutschland will retain a minority stake of 10.1% in Generali Leben and will have the right to nominate one member to the Supervisory Board of the company. The acquisition will add a portfolio of approximately 4 million life insurance contracts to the existing platform of Viridium Group. As also already an-nounced, Generali Deutschland was granted the option to purchase a stake of up to 10% of the Viridium Group.
Dr. Heinz-Peter Roß, CEO of Viridium Group, said: “The swift conclusion of the signing process underline that Viridium and Generali Deutschland share the same ideas about the strong future partnership for Generali Leben. Generali Leben’s customers can rely that their contracts will continue unchanged and that they will benefit from the advantages of the transition to the Viridium platform.”
With regard to the operation requirements that will result from the integration and migration of the Generali Leben portfolio, Dr. Roß added: “We are very conscious of the great task ahead of us. The approximately 300 employees, who are currently managing the closed book of Generali Leben, will continue to serve as contact persons for their customers in the future. Together with the comprehensive cooperation agreements between Viridium and Generali Deutschland, this is the basis to continue servicing the Generali Leben policyholders in the most reliable manner.”
The transaction is subject to the approval by the German Federal Financial Supervisory Authority (BaFin).