Viridium to acquire the legacy traditional life insurance back book in Germany of Zurich Insurance.

Viridium, a specialist in the management of life insurance portfolios in Germany, agreed to acquire the legacy traditional life insurance back book in Germany of Zurich Insurance, a multi-line insurer. Financial terms were not disclosed. “This is, perhaps, the most important step in our efforts to reduce the capital intensity of Zurich’s legacy life portfolios and to lower our exposure to interest rates. As indicated at last year’s investor day, the priorities for capital released by disposals are the elimination of earnings dilution as well as supporting growth. Germany is one of our most important markets and has been a significant driver of our customer growth. We will support our team in Germany with the resources required to ensure that this profitable growth continues," George Quinn, Zurich CFO.