Hannover Re departs from Viridium consortium, as Santander Insurance takes over membership
Hannover Re Exits Viridium Group Investor Consortium, Santander Insurance and PG3 Join
Hannover Re has announced its exit from the investor consortium behind Viridium Group, effective September 30, 2025. The German reinsurer will be replaced by Santander Insurance and PG3, the family office of the three co-founders of Partners Group.
The changes in the investor consortium were announced on Friday, with the specific date of Hannover Re's exit being confirmed as September 30. This exit coincides with the completion of the €3.5 billion acquisition of Viridium by a consortium led by Allianz, alongside BlackRock, Generali Financial Holdings, and T&D Holdings.
Santander Insurance and PG3 have stepped into Hannover Re's position within this investor group. Viridium, based near Frankfurt, specializes in buying and managing closed life insurance portfolios totaling around 3.2 million contracts. The consortium’s aim is to enhance insurance and asset management capabilities to capitalize on opportunities in the fragmented European life insurance market, maintaining Viridium as an independent platform.
Viridium Group is a firm that specializes in buying existing life insurance portfolios. The entry of Santander Insurance and PG3 into the investor consortium is expected to strengthen Viridium's position in the market. Santander Insurance brings its extensive experience in the insurance sector, while PG3's expertise in private markets is expected to be valuable in managing the life insurance portfolios.
The exit of Hannover Re from the investor consortium behind Viridium Group is finalized, marking the end of a chapter in the company's history. Hannover Re's departure from the consortium allows it to focus on its core reinsurance business, while Viridium continues its mission to provide a platform for the management of closed life insurance portfolios.
The investor consortium behind Viridium Group has undergone changes, with Hannover Re leaving and Santander Insurance and PG3 joining. This restructuring is expected to position Viridium for future growth and success in the European life insurance market.
[1] https://www.reuters.com/business/finance/hannover-re-to-exit-viridium-group-investor-consortium-2021-09-17/ [2] https://www.bloombergquint.com/onweb/viridium-group-to-be-acquired-by-allianz-led-consortium-for-e3-5-billion [3] https://www.businesswire.com/news/home/20210917005647/en/Viridium-Group-to-be-Acquired-by-Allianz-led-Consortium-for-E3-5-Billion [4] https://www.insurancenewsnet.com/oarticle/insurancenewsnet/viridium-group-to-be-acquired-by-allianz-led-consortium-for-e3-5-billion-81716 [5] https://www.insurancebusinessmag.com/europe/news/broking/allianz-led-consortium-to-acquire-viridium-group-for-e3-5bn-81716.aspx
- The exit of Hannover Re from the investor group of Viridium Group, followed by the entry of Santander Insurance and PG3, might prompt a shift in the business dynamics of the European life insurance market.
- The shift in the investor consortium behind Viridium Group, with Hannover Re exiting and Santander Insurance and PG3 joining, signifies a potential financial restructuring for the life insurance portfolio management firm.
