Majority owner mulls selling life insurer – report

Advisers said to have been tapped to gauge buyer interest

Majority owner mulls selling life insurer – report

Life & Health

By Terry Gangcuangco

Private equity firm Cinven, the majority owner of Viridium, is reportedly mulling the prospect of selling the German life insurer.

Citing people familiar with the matter, a Reuters report said advisers at Fenchurch Advisory and Goldman Sachs have been tapped by Cinven to gauge buyer interest.

Viridium, which last year agreed to acquire Zurich Insurance Group’s legacy traditional life insurance back book in Germany, is partly owned by minority shareholders Hannover Re and Generali. Its Zurich swoop is still awaiting regulatory approval.

The potential sale of Viridium, according to the sources, is being considered following the collapse of Cinven’s insurance investment Eurovita.   

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