Last month Heidelberger bought Skandia Germany and Skandia Austria for €220m from UK insurance major Old Mutual.
The combined group has assets under management of around €10bn and one million policies. It plans invest substantially in its IT systems and operating platform to reduce administration costs and improve its customer service in Germany and Austria.
Cinven said that its investment strategy for Heidelberger Leben mirrors that of Guardian Financial Services. The firm bought the UK-based company from Aegon in November 2011 and has backed it for two add-on acquisitions of 300,000 in-payment pension annuities from Phoenix plc in June 2012 and Ark Life Assurance Company in December 2013.
Since its acquisition by Cinven Guardian has seen its assets under management double to £16bn.
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