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.
How deluded is this guy! Scandal after scandal and he thinks he has done a good job.
Phoenix has already begun ''Sequoia declined to confirm whether the end of the cross guarantee was part of a plan…
He “addressed regulatory through our simplification work”. This just shows how out of touch and clueless he is. We had…
Another failed bureaucrat blowing his own trumpet as $$Billions blow up from MIS fraud & failures, that ASIC were warned…
ISFs want to rename everything they don't like to tell the truth about: HIDDEN Sales Advice COMMISSIONs = Collective Charges…