Home Finance Zurich Insurance to sell German back book to Viridium

Zurich Insurance to sell German back book to Viridium

by Enochadmin

ZURICH, June 24 (Reuters) – Zurich Insurance coverage Group (ZURN.S) is promoting its life insurance coverage legacy again e-book portfolio in Germany to Viridium Holding, the businesses introduced on Friday.

Viridium, which specialises in managing such portfolios, stated the deal entails round 724,000 insurance policies and 21 billion euros ($22.12 billion) in belongings underneath administration.

It would pay a bit lower than 500 million euros to Zurich as a part of the settlement, stated an individual with information of the matter.

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“That is, maybe, a very powerful step in our efforts to cut back the capital depth of Zurich’s legacy life portfolios and to decrease our publicity to rates of interest,” stated Zurich’s chief monetary officer George Quinn.

Viridium, which is backed by Cinven (CINV.UL) and Hannover Re (HNRGn.DE), was the client of nearly all of Italian insurer Generali’s German life insurance coverage unit in 2019. The Zurich portfolio is its fifth such buy in eight years.

Viridium stated that with the Zurich deal, its portfolio will develop to 4.5 million insurance policies and 92 billion euros in belongings underneath administration.

($1 = 0.9493 euros)

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Writing by Tom Sims; Modifying by Miranda Murray

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