A consortium led by Mubadala Capital-backed private equity firm Fortress Investment Group and BlackRock is among several parties evaluating bids for Viridium Group, a German life insurance consolidator, according to a report by Bloomberg.
The report cites unnamed sources familiar with the situation as highlighting that Viridium, which is valued at around €3bn ($3.2bn), has attracted interest from notable players including Blackstone, Deutsche Bank’s DWS Group, Partners Group, and insurers like Assicurazioni Generali, which already holds a minority stake in the business. Other potential bidders include Apollo Global Management’s affiliate Athora and investment firm Sixth Street.
Cinven, Viridium’s primary owner, recently invited initial expressions of interest, with management expected to meet prospective buyers in the coming weeks. The move comes amidst ongoing consolidation in the asset management industry, with traditional managers seeking expansion and economies of scale to counter rising costs.
This acquisition of Viridium, which, as one of the largest managers of legacy insurance portfolios focuses on managing “back books” or portfolios of mature insurance policies until they expire, would add to the $139bn of deal activity seen in Germany so far this year, according to Bloomberg data.
Founded by Cinven and Hannover Re in 2014 as Heidelberger Leben Group, Viridium was rebranded in 2016 and now manages approximately €67bn in assets.
