ClearView has raised $34 million from institutional investors as part of its $50 capital-raising offer.

The offer included ClearView’s biggest shareholder, Crescent Capital Partners, taking up its full allocation.

However, Crescent has said it is reviewing its holding in the insurer and the stake could be sold.  

ClearView MD Simon Swanson says he is pleased with the institutional support for the company.

“We consider this a strong endorsement of ClearView’s ability to continue to profitably grow the business,” he said.

The retail book build has commenced to raise the remaining $16 million.

Shareholders will be offered the same issue price, 85 cents, and the same entitlement ratio of one new share for every 10.2 existing shares. The offer closes on June 15.