Zurich acquires ClearView
Zurich Australia is to acquire ClearView Wealth Limited.
Zurich announced the acquisition today noting that it had received the unanimous recommendation of the ClearView board.
It said that if the if the transaction is implemented, ClearView shareholders will receive cash consideration of A$0.65 per share representing an equity value for ClearView of approximately A$415 million.
Commenting on the transaction, Zurich Australia and New Zealand chief executive, Justin Delaney said it brought together Zurich’s strong capital foundation with ClearView’s established in-market product and advice relationships and represents a clear opportunity to develop the customer experience and competitive offering in the Australian life insurance market.”
Geoff Black, Chair of ClearView, said: “We believe Zurich and ClearView are highly complementary brands in life insurance and that, if the scheme is implemented, Zurich will be a great custodian to continue delivering ClearView’s ClearChoice product that protects what is most important to Australians.”
Implementation of the proposed acquisition is subject to regulatory approvals and other customary conditions, including ClearView shareholder and court approvals.
Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
Every day I come on here it feels like it is just the SMC trying to lobby to make one…
Well our compliance and red tape costs average around $200-$250k per adviser. Go ask the government why advice is so…
Personal Financial Advice should be offered, but it needs to be independent of the Industry Funds and their trustees of…