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The close of Zurich Financial Services Australia's ClearView Wealth acquisition delivers the Swiss group a life insurance book carrying A$436m in in-force premiums, at A$0.60 per share in cash, with total cash consideration reaching roughly A$385m.
Zurich CEO Justin Delaney says the transaction creates one of Australia's largest and fastest-growing life insurers.
What complicates that read is a commitment to keep three separate product lines open to new customers at once, all targeting the same adviser channel.
The path to close required clearance from the Australian Competition and Consumer Commission, the Australian Prudential Regulation Authority, ClearView shareholders, and the Supreme Court of New South Wales.
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