Source: Sharecast
The consortium is taking over Viridium from Cinven, which has owned the business for more than ten years, while Generali and Hannover Re will remain investors by joining the consortium.
Viridium is the number-one life insurance consolidator in Germany and a top 10 worldwide, with €67bn in assets under and management and 3.4m insurance policies.
The company said the new ownership will "further strengthen" its position, "supporting it to ensure a financially secure future" for its existing and future policyholders.
The company, which employs around 900 people, said the deal will benefit policymakers through "elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalise on the growth opportunities of a fragmented European life insurance industry".
Viridium will remain an independent, standalone company led by the current management team when the deal closes, which is expected to be in the second half of 2025.
Ownership will be distributed among consortium members and investors, with T&D Holdings holding the largest share.