ClearView Wealth has announced the sale of its shares in Centrepoint Alliance, highlighting its sole focus on life insurance.
The company says in an ASX announcement that its approximately 19.9% of Centrepoint’s current issued capital (or 39.56 million shares) will be sold to ASX-listed COG Financial Services at 33c a share representing total consideration of $13.05 million.
ClearView says the it acquired a 24.5% holding in Centrepoint in November 2021 as consideration for the sale of its financial advice businesses to Centrepoint and that it has held the strategic investment since then (see: Centrepoint Acquires ClearView Advice Businesses).
“Given ClearView’s sole focus on life insurance, ClearView has determined to sell its strategic investment in Centrepoint,” the company states in its announcement.
A ClearView spokesperson told Riskinfo the transaction “…reflects ClearView’s ongoing simplification and transformation in to a life insurance company that is focused on expanding its position in the life insurance market.”
In its statement to the ASX regarding the acquisition, COG explains its core strategy has two limbs “… to own interests in businesses that are involved in the distribution of financial services (asset finance broking, novated leasing and insurance broking being examples of these) and building a scale business in retail funds management. The strategic rationale for the acquisition of the CAF interest is that it builds on the first limb of COG’s strategy.”
