ClearView announces strategic review
ClearView has announced a strategic review of its business given the milestones the firm had hit, placing them in a “strong position for the future”.
A restructure of ClearView by line of business with additional and improved capability is part of its strategic review.
In an announcement to the Australian Securities Exchange (ASX), ClearView announced its strategic review following an evaluation of the company’s future capital structure and discussions with tis largest shareholder, Crescent Capital Partners.
It said FY21 had reached a number of milestones which placed them in a strong position for the future and this was an ideal time to undergo a strategic review.
Some of the milestones it noted were the agreed separation of the dealer group and financial advice business to Centrepoint, and a restructure of the company by line of business with additional and improved capability.
It also pointed to the commencement of multi-year life insurance transformation project and progress towards the launch of a new contemporary technology platform and income protection product (ClearChoice) in late 2021.
“This review will assess ClearView’s strategic options to unlock and enhance value for ClearView shareholders, including potential change of control transactions,” it said.
“The board will at all times protect customer and policyholder interests and there are no assurances that the ClearView board will decide to pursue any transaction, nor that any transaction or transactions will result from this review.”
ClearView said it appointed BofA Securities as exclusive financial adviser, and Gilbert + Tobin as its legal adviser, in relation to the strategic review.
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