Allianz, a global insurer, is negotiating a Viridium deal worth more than $3 billion.

Allianz, a German insurance giant, is in exclusive negotiations to buy Viridium. The transaction would strengthen Allianz's domestic operations and value the smaller company, which consolidates closed books of insurance contracts, at around $3 billion.The Wall Street Journal said on Friday that Germany's Allianz SE is in exclusive talks to buy Viridium Group from European private equity company Cinven for more than €3 billion, or roughly $3.3 billion. The goal of the possible deal is to expand the financial services behemoth's domestic activities.

Germany's Allianz SE is in exclusive negotiations to acquire Viridium Group from European private equity firm Cinven for over €3 billion (approximately $3.3 billion), The Wall Street Journal reported on Friday. The potential deal is looking to increase the financial service giant's domestic operations. As per the report, Allianz beat out rival bidders including Athora, an insurer affiliated with Apollo Global Management.According to its website, Viridium, a German company as well, administers and purchases closed life insurance portfolios with the goal of reducing expenses and increasing investment returns. It is in charge of more than €67 billion in assets.According to its website, Viridium, a German company as well, administers and purchases closed life insurance portfolios with the goal of reducing expenses and increasing investment returns. It is in charge of more than €67 billion in assets.