Guernsey life insurer sold for £3m


The Bermuda subsidiary of investment firm Alpha Growth has agreed to acquire an unnamed Guernsey-based life insurance company for a transaction value of $3.3m (£2.5m, €3m).

The business is being acquired from an unnamed “major international insurance group”.

Alpha Growth said that the Guernsey-based firm is a Category 1 international life insurer, with approximately 3,785 long-term life insurance contracts in force as of 31 December 2021.

The deal will see the unnamed firm become part of Providence Life Assurance Company (Bermuda) and the transaction involves all operations of the Guernsey company, including its assets under management of approximately $370m (£280m) as valued at 31 December 2021.

It will more than double Alpha Group’s AuM to above $700m.


The directors of Providence Life Assurance Company (Bermuda), Gobind Sahney, Jason Sutherland, and Dan Gray, will be joining the acquired company’s board after the deal is complete.


Sahney, executive chairman of Providence Life and chief executive of Alpha Group, said in a London Stock Exchange statement on 24 March 2022: “This acquisition is another key building block in our plan to be managing over $2bn of assets by 2025 and I’ m very pleased to announce that we are currently tracking ahead of schedule to achieve that aim.

“This acquisition not only increases our AuM substantially, it also provides us with the ability to offer very tax efficient insurance based wealth management products and will also serve as a European vehicle for further value accretive acquisitions.”

The acquisition is subject to regulatory approval. Alpha Growth is funding the acquisition from operations, and it will not require an equity raise.

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