A consortium including Allianz, BlackRock and T&D Holdings will acquire ownership of Viridium Group (Viridium), a leading European life insurance consolidation platform, from Cinven. Generali Financial Holdings and Hannover Re remain investors, Allianz said in its press release.

It is noted that through this transaction, Cinven exits from its majority investment in Viridium after more than a decade of developing a highly successful insurance business.

Viridium will remain an independent stand-alone platform, led by the current management team. It will continue to specialize exclusively in consolidating and managing life insurance portfolios and operate as a long-term partner to the European 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.

The transaction is expected to close in the second half of 2025. The completion of the transaction is subject to regulatory and merger-control approvals and other customary closing conditions, Allianz added.