Cinven is finalising the €3.5bn ($3.8bn) sale of Viridium, Germany’s largest life insurance administrator, to an Allianz-led consortium.

Reuters reports that the deal is expected to close next week, marking a significant exit for Cinven after more than a decade of ownership.

Cinven, which acquired a majority stake in Viridium in 2013, helped transform it into a key player in the German life insurance market. The acquiring consortium includes Allianz, BlackRock, Japanese life insurer T&D, and Generali, which already holds a 10% stake. Hannover Re, which co-founded Viridium with Cinven, is also set to divest its stake, either fully or partially.

This deal reinforces Cinven’s broader strategy of investing in insurance and financial services. Viridium has grown by acquiring and consolidating closed-book life insurance portfolios, positioning itself as a major force in the sector.

Hannover Re’s CFO, Clemens Jungsthoefel, confirmed that the transaction would have no material impact on the reinsurer’s earnings. Both Allianz and Cinven declined to comment, while BlackRock and T&D were not immediately available for statements.

As the deal nears completion, the transaction highlights the growing interest of major institutional investors in Europe’s life insurance consolidation market.

Source: Reuters