According to an ASX announcement, Sony Life Insurance has agreed with Crescent Capital Partners to invest in ClearView. The life insurer will be represented on the ClearView board through an appointment of a non-executive, non-independent director, the statement said.
The two companies have also agreed to collaborate with a view to growing ClearView’s distribution network in the “fast growing” IFA channel.
They will also seek to enhance the quality of strategic advice to be provided by aligned advisers as well as increase recruitment and productivity of high-quality and skillful aligned advisers.
The statement said ClearView and Sony Life share a similar philosophy in providing quality products and financial advice.
ClearView managing director Simon Swanson said, “We are delighted to welcome Sony Life as a shareholder in ClearView.
“We believe they will be able to bring significant experience to ClearView as we look to continue to grow our business.”
Isn’t amazing, as soon as the LIF is announce another Japanese company buys into an Australian Insurer. So now TAL, MLC and Clearview are owned by Japanese interests who’s own home market is basically flogging direct products. Looks like this is why the FSC and the Government are supporting LIF. To wipe out non-aligned advisers, to soften up the market for the Japanese direct-insurers to take over. Pity the issue didn’t involve whaling, perhaps the Government would have supported its own advisers rather than those from overseas. Looks like the Japanese have had some inside help to start buying up Australian insurers, because they knew what the Government was going to support!