A global financial services specialist is opening a branch in the island.
Alpha Growth PLC, which specialises in longevity assets and insurance-linked wealth management, has announced a significant expansion of its operations through its subsidiary, Providence Life Assurance Company (Bermuda) Limited.
Providence Life Assurance has received official approval from the Isle of Man Financial Services Authority to establish a new branch, Alpha PPLI, under section 22 of the Insurance Act 2008.
The license, granted on May 23, permits the firm to conduct both Class 1 and Class 2 insurance business, with operations commencing immediately.
Alpha PPLI will offer bespoke Private Placement Life Insurance (PPLI) and Private Placement Variable Annuities (PPVA) solutions tailored to the complex wealth and succession planning needs of ultra-high net worth (UHNW) individuals and family offices across the UK, Europe, Middle East, and Asia.
Chairman and chief executive of both Alpha Growth plc and Providence Life Assurance, Gobind Sahney, said: ‘Expanding into the Isle of Man is a major milestone in our global strategy.
‘This move enhances our ability to deliver world-class, flexible solutions to sophisticated clients in key international markets.’
The new branch will be led by chief executive Julian Melling and business development executive Richard Turnbull, both based in the firm’s Douglas offices and bringing extensive experience in the UHNW insurance sector.
Mr Melling said: ‘This strategic expansion opens an exciting future for Providence Life and the Alpha Growth group.
‘It significantly strengthens our capacity to meet the unique planning demands of UHNW clients globally.’
Providence Life, regulated by the Bermuda Monetary Authority, is known for its independent, client-first approach, delivering innovative insurance solutions through a seasoned team and the financial backing of Alpha Growth plc.
The launch of Alpha PPLI underscores Alpha Growth’s continued commitment to global expansion and excellence in serving the UHNW segment.