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LONDON - Providence Life Assurance Company (Bermuda) Limited, a subsidiary of Alpha Growth plc (LSE:ALGW), has been granted a branch license in the Isle of Man, according to a company statement released Friday.
The Isle of Man Financial Services Authority issued the permit on May 23, 2025, authorizing the company to conduct Class 1 and Class 2 insurance business with immediate effect. The new branch will operate under the name Alpha PPLI.
The branch will focus on providing Private Placement Life Insurance (NSE:LIFI) and Private Placement Variable Annuities to ultra-high net worth individuals and family offices across the UK, Europe, Middle East and Asia.
Julian Melling will serve as Chief Executive of the new branch, with Richard Turnbull as Business Development Executive. Both executives are based in the Isle of Man and have experience in the high net worth life insurance industry.
"Our expansion into the Isle of Man through Alpha PPLI marks a significant milestone in Providence Life Assurance’s growth strategy," said Gobind Sahney, Chairman & CEO of Alpha Growth plc and Providence Life Assurance, in the press release.
Providence Life Assurance operates under the regulatory oversight of the Bermuda Monetary Authority and specializes in customized life insurance products for wealthy individuals and institutions.
Alpha Growth plc describes itself as a financial advisory business providing specialist consultancy and services to institutional and qualified investors in longevity assets and insurance linked asset management.
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