Zurich completes ClearView takeover

Zurich Financial Services Australia has completed its acquisition of ClearView Wealth, with the insurer now the registered holder of all ClearView shares.

The scheme of arrangement was approved by ClearView shareholders on 27 July 2026 and by the Supreme Court of New South Wales on 30 July 2026, with the transaction formally implemented on August 21.

Shareholders who held ClearView shares on the August 13 record date received $0.60 in cash for each share under the scheme.

This follows a fully franked special dividend of $0.05 per share, which was paid to eligible shareholders on August 12.

The transaction brings ClearView under Zurich's ownership after the Australian Competition and Consumer Commission (ACCC) cleared the proposed acquisition in May, finding it was unlikely to substantially lessen competition in any relevant market.

At the time, the ACCC said the two businesses overlapped in the supply of life insurance products, particularly through the retail financial adviser channel, however it noted the merged entity would continue to face competition from providers including TAL, AIA, MLC Life Insurance and NobelOak.

ClearView's board had unanimously recommended the transaction in the absence of a superior proposal, while Crescent Capital Partners Management, which held a 53% stake in ClearView, also indicated it would support the deal.

The completion marks the end of ClearView's period as an ASX-listed company. Trading in ClearView shares was suspended from the close of trading on July 31, with the company to be removed from the ASX official list from the close of trading on August 21.

ClearView also provided an update on the Australian Taxation Office's (ATO) class ruling relating to the tax treatment of the scheme and special dividend.

The ATO has provided a draft ruling consistent with the tax treatment outline in the scheme booklet, although the draft is not binding and ClearView expects the final ruling to be issued after implementation.

The final ruling will determine the tax treatment applicable to eligible shareholders, with ClearView advising investors to seek independent tax advice based on their individual circumstances.