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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
