Another Japanese life insurer has entered the Australian market, with Sony Life buying a 14.9% stake in ClearView for $145 million.

The stake comes from Crescent Capital’s 53% shareholding in ClearView.

The Japanese insurer has granted a call option to Crescent, requiring Sony Life to sell the stake to a third party after 18 months.

This is subject to Sony Life making a bid for all ClearView shares and Crescent agreeing to sell its remaining stake to a third party in the next 18 months.

Sony Life will have a board seat subject to regulatory approval.

ClearView MD Simon Swanson says the two companies have been in discussions for seven months.

The two insurers will exchange personnel to help ClearView’s expansion plans, which include growing the independent adviser distribution network, enhancing strategic advice provided by aligned advisers and increasing the recruitment of such advisers.

Sony Life has a market capitalisation of $7.6 billion and sells term life, health, nursing care, personal pension and other endowment products.

Distribution is through more than 4600 agents.

The Japanese insurer says development of an international business is part of its mid to long-term growth plan.