Allianz Consortium Nears Acquisition of Viridium in Multi-Billion Euro Deal

An Allianz-led consortium is poised to acquire Germany's largest life insurance administrator, Viridium, in a €3.5 billion deal. The consortium, which includes Blackrock, T&D, and Generali, aims to finalize the purchase next week. Hannover Re plans to sell its stake, while Allianz will secure a 25% share.

An Allianz-led consortium is set to win the bid for Viridium, Germany's largest life insurance administrator, in a deal valued at €3.5 billion. Sources indicate the transaction could be finalized by next week.

The consortium, which includes prominent financial entities such as U.S. asset manager Blackrock, Japanese insurer T&D, and Italian insurer Generali, seeks to expand its presence in the European market. Allianz will acquire a 25% stake in Viridium, while Generali already holds a 10% stake.

Hannover Re, a co-founder of Viridium, intends to sell all or part of its stake. Despite the impending massive transaction, Hannover Re CFO Clemens Jungsthoefel stated that it would not significantly impact the company's earnings. Neither Allianz nor Cinven offered comments on the development.

(With inputs from agencies.)