on Alpha Growth PLC (LON:ALGW)
Providence Life Expands with New Isle of Man Branch License
Alpha Growth plc has announced that its group company, Providence Life Assurance Company (Bermuda) Limited, has received a branch license for the Isle of Man. The new branch, called Alpha PPLI, will cater to ultra-high net worth (UHNW) individuals and family offices in the UK, Europe, the Middle East, and Asia. This expansion aligns with Providence Life's strategy to meet complex financial planning needs.
The Isle of Man Financial Services Authority granted the license on May 23, 2025, under the Insurance Act 2008. Alpha PPLI will offer specialized insurance solutions, enhancing Providence Life's role in Private Placement Life Insurance and Variable Annuities. Julian Melling and Richard Turnbull lead the team in the Isle of Man.
Gobind Sahney, CEO, highlighted this as a milestone for Providence Life's growth. The move underscores the firm's commitment to providing innovative insurance products for UHNW clients globally.
R. H.
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