Zurich Insurance Group is selling Viridium Holding its German life insurance legacy back book business, the firms said on Friday.
Zurich Insurance Group is selling Viridium Holding its German life insurance legacy back book business, the firms said on Friday.
According to Viridium, which specializes in managing such portfolios, the transaction contains around 724,000 policies and 21 billion euros in assets under administration.
“This is likely the most significant move in our attempts to reduce the capital intensity of Zurich’s legacy life portfolios and minimize our exposure to interest rates,” stated Zurich’s chief financial officer, George Quinn.
In 2019, Viridium acquired the bulk of the Italian insurer Generali’s German life insurance subsidiary.
With the Zurich transaction, Viridium’s portfolio will expand to 4.5 million policies and 92 billion euros in assets under administration, according to the company.
