Some of the world’s largest insurers and asset managers are preparing final bids for German life insurance consolidator Viridium Group in one of the country’s most competitive deals this year, according to people familiar with the matter.
A consortium backed by BlackRock, insurance companies Allianz and Japan’s T&D Holdings is among suitors that are preparing to submit a binding bid, the people said.
A separate group consisting of DWS Group, Prudential Financial and PG3 — the family office of Partners Group Holding AG’s founders — is also looking to put forward a final offer, the people said.
CVC Capital Partners is separately pursuing the business, and Apollo Global Management Inc.’s affiliate Athora is also in the final round, the people said. Italian insurer Assicurazioni Generali, which owns roughly 10% in Viridium, is considering joining the consortium around BlackRock/Allianz or CVC Capital, some of the people said.
Viridium’s main owner Cinven is seeking more than €3.5 billion ($3.6 billion) in valuation for the business, according to one of the people. The suitors are asked to submit their binding offers by March 3, the people said, asking not to be identified as the information is private.
Deliberations are ongoing and the companies could decide against any deal, they said. Representatives for Cinven, Allianz, BlackRock, T&D Holdings, DWS, Prudential Financial, CVC, Athora, Generali and Viridium declined to comment. PG3 didn’t respond to requests for comment.
Cinven has been working with advisers Goldman Sachs Group and boutique firm Fenchurch Advisory on the potential sale, Bloomberg News reported in July.
Based near Germany’s financial capital Frankfurt, Viridium is one of the largest asset managers and consolidators of the so-called back books, or portfolio of legacy insurance policies which it manages until maturity. It was founded by Cinven and Hannover as Heidelberger Leben Group in 2014 and was renamed two years later. The German company has 3.4 million policies with €67 billion of assets under management and annual net income of €325 million in 2023, its website shows.
