Freshfields advises Viridium on the acquisition of a life insurance portfolio from Zurich
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Viridium Group on the acquisition of an extensive portfolio of traditional life insurance policies with approximately 720,000 insurance contracts and assets under management of approximately €21 billion from Zurich Group Germany.
The insurance portfolio will initially be transferred to a newly founded company by way of spin-off, which will then be transferred to Viridium. Until full integration into the acquiring group, extensive services will be provided by Zurich Group under a transitional services agreement.
With this fifth portfolio transaction within eight years, Viridium Group is further expanding its market position in the consolidation of closed life insurance portfolios in Germany.
Completion of the acquisition is subject to approval by the relevant authorities, in particular regulatory clearance by the German Federal Financial Supervisory Authority (BaFin).
Freshfields advised Viridium extensively on all aspects of the transaction.
Viridium was represented by General Counsel Frank Weißhaupt, Carolin Brand and Robert Schalber from the legal department.