Alpha Growth PLC - Providence Life Granted Isle of Man Branch License

Rhea-AI Summary

Alpha Growth PLC's subsidiary Providence Life Assurance Company (Bermuda) Limited has secured a branch license in the Isle of Man, operating as Alpha PPLI. The license, granted on May 23, 2025, by the Isle of Man Financial Services Authority, authorizes both Class 1 and Class 2 insurance business operations. The new branch, led by CEO Julian Melling and Business Development Executive Richard Turnbull, will focus on providing Private Placement Life Insurance (PPLI) and Private Placement Variable Annuities (PPVA) to ultra-high net worth individuals and family offices across the UK, Europe, Middle East, and Asia. This expansion strengthens Providence Life Assurance's international presence and enhances its ability to deliver customized insurance solutions to its sophisticated client base.

Positive

• Expansion into new strategic market through Isle of Man branch license approval
• Authorization to conduct both Class 1 and Class 2 insurance business
• Enhanced ability to serve UHNW clients across UK, Europe, Middle East and Asia markets
• Experienced leadership team with significant industry expertise in place

Negative

• None.

Providence Life Receives Isle of Man Branch License

LONDON, UK / ACCESS Newswire / June 20, 2025 / Alpha Growth plc, (www.algwplc.com) a leading global financial services specialist in the multi-billion dollar market of longevity assets and insurance linked asset and wealth management is pleased to announce that one of its group companies, Providence Life Assurance Company (Bermuda) Limited ("Providence Life Assurance"), a leading provider of bespoke life insurance solutions for ultra-high net worth ("UHNW") individuals and family offices, has been granted a branch license in the Isle of Man. The new branch, operating under the name Alpha PPLI www.alphappli.com, will cater to the sophisticated wealth planning needs of clients across the UK, Europe, Middle East and Asia.

The Isle of Man Financial Services Authority issued the permit to Providence Life Assurance on May 23, 2025, under section 22 of the Insurance Act 2008, authorizing the company to conduct both Class 1 and Class 2 insurance business with immediate effect.

Alpha PPLI builds upon Providence Life Assurance's established expertise in Private Placement Life Insurance ("PPLI") and Private Placement Variable Annuities ("PPVA"), offering tailored solutions designed to address the complex financial and succession planning requirements of UHNW individuals and family offices. The branch aims to provide a full suite of customized insurance structures, supported by a team with decades of collective industry experience and backed by the financial strength of parent company Alpha Growth plc.

Alpha PPLI is lead by its Chief Executive Julian Melling and Business Development Executive Richard Turnbull, both based in the Isle of Man with significant recognized 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. This new branch enhances our ability to deliver world-class, flexible insurance solutions to discerning clients in key international markets," said Gobind Sahney, Chairman & CEO of Alpha Growth plc and Providence Life Assurance.

"After many years in this industry, I am pleased to lead the strategic expansion of Providence Life Assurance's international business. This marks a pivotal moment for UHNW life insurance, opening up an exciting future for Providence Life Assurance and the Alpha Growth group of companies, as we enhance our ability to serve the sophisticated needs of UHNW clients and family offices across key international markets." said Julian Melling, jm@alphappli.com Chief Executive of Alpha PPLI.

Providence Life Assurance is renowned for its independent, client-focused approach, delivering best-in-class service and innovative insurance products. The launch of Alpha PPLI in the Isle of Man underscores the company's commitment to supporting the wealth management objectives of UHNW clients and family offices in the UK, Europe, and Asia.

About Providence Life Assurance Company (Bermuda) Limited: Providence Life Assurance specializes in providing customized life insurance products, including PPLI and PPVA, to ultra-high net worth individuals and institutions. The company operates under the regulatory oversight of the Bermuda Monetary Authority and is part of Alpha Growth plc, a global leader in insurance-linked wealth management.

Alpha PPLI - Julian Melling jm@alphappli.com Richard Turnbull rt@alphappli.com UK Investor Relations - Mark Treharne

ir@algwplc.com

About Alpha Growth plc

Specialist in Life Insurance, Esoteric and Longevity Assets

Alpha Growth plc is a financial advisory business providing specialist consultancy, advisory, and supplementary services to institutional and qualified investors globally in the multi-billion dollar market of longevity assets and insurance linked asset and wealth management. Building on its well-established network, the Alpha Growth group has a unique position in the insurance and asset services and investment business with global reach.

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SOURCE: Alpha Growth PLC

View the original press release on ACCESS Newswire

FAQ

What type of license did Providence Life Assurance receive from Isle of Man?

Providence Life Assurance received a branch license from the Isle of Man Financial Services Authority on May 23, 2025, authorizing both Class 1 and Class 2 insurance business operations.

Who leads Alpha PPLI's operations in Isle of Man?

Alpha PPLI is led by Chief Executive Julian Melling and Business Development Executive Richard Turnbull, both based in the Isle of Man.

What services will Alpha PPLI (ALPGF) offer in the Isle of Man?

Alpha PPLI will offer Private Placement Life Insurance (PPLI) and Private Placement Variable Annuities (PPVA) tailored for ultra-high net worth individuals and family offices.

Which markets will Alpha PPLI's Isle of Man branch serve?

The Isle of Man branch will serve clients across the UK, Europe, Middle East, and Asia markets.

When did Providence Life receive its Isle of Man branch license?

Providence Life Assurance received its Isle of Man branch license on May 23, 2025, from the Isle of Man Financial Services Authority.