South African insurance company Professional Provident Society SA is set to enter Australia's retail life insurance market with a focus on targeting professionals through the advice channel.
According to a statement, the new business, PPS Mutual – to be headed by former Centric Wealth CEO Michael Pillemer – will look to financial advisers to target over 500,000 professionals across different sectors, including medical, accounting, law and engineering.
"We are proud today to announce the formation of PPS Mutual, an organisation that will be owned by its members and founded on the ethos of mutuality where members share in the profits of the insurance that they buy," Mr Pillemer said.
"We believe the timing is right for the re-emergence of a well-constructed mutual model within the highly competitive retail life risk insurance sector in Australia."
"We are very pleased to be partnering with PPS (SA) on its first venture into the Australian market, APRA regulated insurer NobleOak Life Limited, and one of the world's largest reinsurers," he said.
According to PPS Mutual, it will provide risk products, including income protection, life insurance, TPD and trauma cover.
The prudential regulator has released its latest corporate plan.
The bid was originally put forward in June.
ASIC has issued a permanent ban to the former financial adviser.
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