Viridium Group, a specialist manager of German life insurance portfolios, completed the acquisition of the life insurance business of Protektor Lebensversicherungs-AG, a voluntary rescue company for the German life insurance industry.

The portfolio contains almost 100,000 policies and assets under management of around €1.8 billion. The company into which the Protektor portfolio has been spun off will be renamed Entis Lebensversicherung AG. Michael Sattler, the CFO of Viridium Group, was named CEO of the new subsidiary. All 58 Protektor employees will continue to be employed by Viridium, the German group said in its Aug. 1 filing.

Viridium, owned by private equity firm Cinven and Hannover Re and formerly operating as Heidelberger Leben Group, manages a combined total of about 1 million insurance policies and assets of approximately €15 billion. In addition to the Protektor portfolio, Viridium Group also owns Heidelberger Lebensversicherung and Skandia Deutschland and administers around 93,000 policies on behalf of Scottish Widows Ltd.