Adviser relationships central to Zurich’s ClearView acquisition
ANALYSIS
Zurich Financial Services Australia will markedly increase its share of the advised life/risk market via its acquisition of the ClearView Wealth Limited.
Zurich’s ClearView acquisition, announced yesterday, follows on from the Swiss-based company’s acquisition of OnePath Life in 2021/02.
ClearView was established out of the 2010 acqusition of Bupa Australia’s financial services businesses, MBF Life and ClearView by MMC Contrarian under the founding managing director leadership of Simon Swanson.
According to specialist life/risk research and ratings house, Dexx&r the acquisition will see Zurich now accounting for close to 23% of the advised life market, closing in on Dai-Ichi-owned TAL in that segment.
However, in terms of total premium value across both advised and group life insurance TAL remains the dominant player with around 30% market share, followed by AIA Australia and then Zurich/OnePath/ClearView.
ClearView has been regarded as being on the sales block for some time, particularly after exiting its wealth management business ending with the transfer of its superannuation and pensions business to HUB24 in 2024/25.
Zurich announced its move to acquire ClearView yesterday via a scheme of arrangement valuing the company at $415 million.
Announcing the transaction, Zurich Australia and New Zealand chief executive, Justin Delaney said it would serve to bring together Zurich’s strong capital foundation with ClearView’s established in-market product and advice relationships.
ClearView chair, Geoff Black described Zurich and ClearView are highly complementary brands in life insuranc.
He said that if the scheme is implemented, Zurich will be a great custodian to continue delivering ClearView’s ClearChoice product.
The two companies noted that Implementation of the proposed acquisition is subject to regulatory approvals and other customary conditions, including ClearView shareholder and court approvals.
The proposed acquisition is currently expected to be implemented around the third quarter of 2026.
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