Clifford Chance advises Santander on stake buy in Viridium
Clifford Chance has advised Banco Santander (through its insurance division Santander Insurance) on the acquisition from Hannover Re of a stake in the German insurer Viridium, an European platform for the consolidation of run-off life insurance.
At the close of 2024, Viridium had a portfolio of 3.2 million policies, held 68,000 million euros in assets under management and had earned a profit of 342 million euros. With this acquisition, Santander joins the consortium formed by Allianz, BlackRock, Generali, T&D Holdings and PG3, which closed the purchase of 100% of Viridium from Cinven for an approximate value of more than 3,500 million euros last August.
The legal team was led by partner Jaime Velázquez and counsel Miguel Barredo, with the support of senior associate Juan Valcárcel, all from the insurance team of the Madrid office. María Vilar, Ana
Cendoya, Roberto Grau and Nagore Ayerza in Madrid, as well as Moritz Petersen, Kerstin Schaepersmann and Julien Schickling in Frankfurt, and Charlotte Reynders and Brecht Smeets in Luxembourg, were also part of the team.
On the picture, from left to right, Jaime Velázquez, Miguel Barredo and Juan Valcárcel.
