11:40 AM EDT, 03/19/2025 (MT Newswires) -- BlackRock ( BLK ) and insurers Allianz and T&D are investing in European life insurance consolidation platform Viridium in a 3.5-billion-euro ($3.81 billion) deal, the companies said in a joint statement.

Ownership in Germany-based Viridium will be distributed among consortium members as European buyout firm Cinven exits its investment, with Japan's T&D acquiring the largest share in Viridium. Generali Financial Holdings and Hannover Re will remain investors in Viridium.

Viridium, which has 3.4 million policyholders, reported 67 billion euros of assets under management as of year-end 2023.

"This partnership will contribute to the development of the European closed-life market and will further provide the European insurance industry with optionality for the management of closed life-books," according to the joint statement.

With the consortium onboard, Viridium will be able to capitalize on growth opportunities in a fragmented European life insurance industry amid significant opportunities in Germany, where Allianz is based, according to the companies.

Viridium is expected to continue generating stable earnings and attractive financial returns for shareholders, they said.

The transaction is expected to close in the second half of 2025, pending regulatory and merger-control approvals.

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