Diversa acquires group and salary insurance business
Diversa has acquired a group life and salary continuance insurance business as part of its strategy to build on products and services for its partners and super fund members.
In an announcement to the Australian Securities Exchange (ASX), Diversa stated that it had acquired the business from Peter Mueller and Associates. The principal of Peter Mueller and Associates, Peter Mueller, will stay on with the business for at least three years.
Diversa stated that it had acquired the business for $450,000 in cash payable over three years, with future payments subject to it obtaining the relevant Australian Financial Services Licence, among other conditions.
Diversa stated that it had been seeking growth through collaboration, acquisition, partnering, product enhancement and investment in distribution.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
