Private equity firm Cinven is set to exit its majority stake in Viridium Group following a €3.5bn ($3.82bn) deal led by a consortium that includes Allianz, BlackRock, and Japan’s T&D Holdings, the companies announced on Wednesday, according to a report by Reuters.
The deal marks a significant private equity exit for Cinven, which has been working on the sale for months. Reuters previously reported that the transaction was nearing completion. Viridium, a specialist in acquiring and managing life insurance portfolios, will continue to operate as an independent platform, despite the ownership change.
Under the new structure, T&D Holdings will hold the largest share, with existing investors Generali and Hannover retaining their stakes. The consortium’s structure has been designed to allow for additional long-term financial investors to join in the future, according to the companies.
Cinven’s exit follows a broader trend of private equity firms monetising insurance-related investments, capitalising on strong demand from institutional investors seeking exposure to stable, long-term assets.
