MUNCH : An Allianz-led consortium is close to winning a bid for Germany’s largest life insurance administrator Viridium, being sold by financial investor Cinven in a 3.5 billion euros ($3.80 billion) deal expected to be finalised next week, two industry sources said on Thursday.
Allianz will acquire 25 per cent stake in Viridium, the source said, adding that the consortium also includes U.S. asset manager Blackrock, Japanese life insurer T&D and Italian insurer Generali, which also holds a 10 per cent stake in Viridium.
Hannover Re, which founded Viridium together with Cinven, will sell all or part of its stake, according to Versicherungsmonitor industry service which reported the news first.
Hannover Re Chief Financial Officer Clemens Jungsthoefel on Thursday said a potential deal would have no significant impact on the company’s earnings.
Allianz and Cinven declined to comment on the news.
Blackrock and T&D were not immediately available for comment.
($1 = 0.9214 euros)
(Writing by Riham Alkousaa;Editing by Elaine Hardcastle)
