A consortium including Allianz, BlackRock, and T&D Holdings is investing in Viridium Group in a €3.5 billion ($3.82 billion) deal, which will result in private equity firm Cinven exiting as the majority investor.
Viridium specializes in acquiring existing life insurance portfolios and will continue to operate as an independent platform.
The sale has been in preparation for several months, with indications of a near-final agreement emerging last week. T&D, a Japanese insurer, will hold the largest share, while Generali and Hannover Re, existing investors, will remain shareholders.
The consortium is designed to allow for the inclusion of additional long-term financial investors.