Cinven completes Heidelberger Leben acquisition

The deal completes a deal between Cinven and Hannover Re that the pair initiated in August 2013 when they both bought Heidelberger Leben from Lloyds Banking Group for €300m. They then partnered for the acquisition of Skandia Germany and Skandia Austria for €220m, before Hannover Re rebranded itself as Heidelberger Leben Group.

Heidelberger Leben, Skandia Austria and Skandia Germany are currently undergoing a merger that will result in a group with approximately €10bn of assets under management.

The GP stated that its strategy for the new company will be similar to that undertaken by UK provider of life and pension products Guardian Financial Services.

Cinven acquired Guardian in November 2011 before it agreed to buy 300,000 in-payment pension annuities from Phoenix for an undisclosed sum in June 2012. It also bolted on Ark Life Assurance Company in December 2013.

Company
Life assurance company Hiedelberger Leben was founded in March 2014 following the purchase of Skandia Austria and Skandia Germany by Cinven and Hannover Re. At the time, Skandia Austria and Skandia Germany reported combined post-tax adjusted operating profits of €27m with a net asset value of £259m.

People
Dr Heinz-Peter Ross will join Heidelberger Leben in July 2014 as CEO.

Advisers
Equity – Deloitte (Financial, operational, IT & other due diligence and tax); Freshfields Bruckhaus Deringer (Legal); Marsh (Insurance due diligence).

 

 

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