{"id":35099,"date":"2016-10-25T17:00:26","date_gmt":"2016-10-25T06:00:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35099"},"modified":"2016-10-26T09:08:41","modified_gmt":"2016-10-25T22:08:41","slug":"japanese-insurer-takes-stake-in-clearview","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/10\/25\/japanese-insurer-takes-stake-in-clearview\/","title":{"rendered":"Japanese Insurer Takes Stake in ClearView"},"content":{"rendered":"

A third major Japanese life insurer, Sony Life, has made a move into the Australia market by securing a significant stake in financial services and life insurance provider, ClearView.<\/p>\n

\"ClearView<\/a>
ClearView MD, Simon Swanson<\/figcaption><\/figure>\n

Sony Life will take a 14.9% stake in the group, which it will acquire from another major shareholder – Crescent Capital Partners – which held 52.9% of ClearView at the time the Sony Life acquisition was announced.<\/p>\n

The acquisition of the stake is not dependent on regulatory approval with ClearView stating the transaction would be effected through an off-market transaction that was expected to be settled within days.<\/p>\n

Sony Life also has the potential to lift its stake in ClearView with the transaction also granting a call option to Crescent Capital Partners that allow it the right to sell the Sony Life shares in ClearView, alongside its own shares in the company, to a third party if certain conditions are not meet by early 2018.<\/p>\n

The call option will only be applicable if after 18 months Sony Life has not made a bid for all the issued shares in ClearView or proposed a scheme to acquire all the issued shares. The bid must account for at least 50.1% of the issued shares in ClearView and it, or the scheme of acquisition, must be approved by a majority of the ClearView Board.<\/p>\n

As a result of the acquisition of the stake, Sony Life will be represented on the ClearView Board through the appointment of a non-executive, non-independent director who will hold a casual vacancy and will be subject to re-election at the 2017 shareholders\u2019 meeting.<\/p>\n

ClearView Managing Director, Simon Swanson<\/strong> said the two insurers would also put in place a technical services agreement to transfer skills and experience between the organisations and this would include personnel exchanges.<\/p>\n

The overall aim of this agreement would be to expand ClearView\u2019s distribution in the non-aligned advice sector and to lift the quality of advice provided by ClearView\u2019s own aligned adviser while recruiting more advisers to the group.<\/p>\n

Sony Life is wholly owned by Sony Financial Holdings, which is in turn is majority owned by Sony Corporation, and is the third Japanese life insurer to build a presence in Australia following the recent acquisition of MLC Ltd by Nippon Life<\/a> and the acquisition of TAL by Daichi Life in 2011<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A third major Japanese life insurer, Sony Life, has made a move into the Australia market by securing a significant stake in financial services and life insurance provider, ClearView.<\/p>\n","protected":false},"author":3,"featured_media":35150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[4247],"class_list":{"0":"post-35099","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news","8":"category-products","9":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=35099"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/35150"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}