Viridium Group portfolio grows by around 3.8 million contracts
Full continuity for all policyholders of Generali Lebensversicherung guaranteed
Viridium Group CEO Dr Heinz-Peter Roß: “We will be concentrating single-mindedly on integration”
Viridium Group (“Viridium”), the leading specialist in the efficient management of life insurance portfolios, has completed the acquisition of Generali Lebensversicherung AG (“Generali Leben”) with effect from 30 April 2019. All the employees who have been servicing the portfolio of Generali Leben already have moved from Generali to Viridium Group. This means with the new portfolio company around 300 employees at its Hamburg and Munich locations have now become part of Viridium Group.
Full continuity is guaranteed for the policyholders of Generali Leben. Their contracts will continue unchanged, and the contractually promised guarantees and benefits will be retained. The contacts in customer service and their contact data will also not change. Long-term service and cooperation contracts with Generali Deutschland AG (“Generali Deutschland”), amongst others on the management of the collective corporate pension business, will also guarantee continuity and stable business operations. The claims of brokers will remain unaffected.
The subsequent rebranding of Generali Leben is planned for autumn 2019 after a transition period. Written notification of this will be provided to customers in due time.
Generali Deutschland continues to hold a stake of 10.1% in Generali Leben.
Dr Heinz-Peter Roß, CEO of Viridium Group, commented: “We are delighted that from now on Viridium is privileged to take over responsibility for the customers of Generali Leben and their contracts. Over the coming months, we will be concentrated strongly on integration so that customers at Generali Leben can benefit from the advantages of our uniform, efficient platform.”
Following the acquisition, Viridium’s portfolio will amount to almost 4.8 million insurance contracts, and its portfolio companies will manage assets totalling approximately €60 billion (pro forma numbers as of the end of 2018). Viridium has subsequently significantly expanded its leading position in the efficient management of life insurance portfolios.