Cinven-backed Viridium buys Protektor

The combined group will manage one million insurance policies and assets of approximately €15bn.

The company will continue to invest in IT and portfolio management and said that the growth of the portfolio will result in cost savings that will benefit policyholders.

The Protektor portfolio will be renamed Entis Lebensversicherung. Protektor's staff of 58 will continue to be employed by Viridium.
Viridium will continue to explore the possibility of further acquisitions in the sector.

Cinven acquired Viridium, formerly Heidelberger Leben, from Lloyds in August 2013 in a transaction valued at €300m.The GP then bought Skandia Life from Old Mutual for €220m in March 2014 and merged the companies post-acquisition.

Company
Founded in 2003 and based in Mannheim, Protektor is a life insurance company with approximately 100,000 policies and €1.8bn in assets under management. The company employs 58 people. It was originally set up by the German Insurance Association as a rescue company to take on the policies of failing insurance companies.

People
Viridium Group – Heinz-Peter Ross (CEO).
Protektor Lebensversicherungs – Rudolf Geburtig (CEO).

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