Alpha Growth PLC completes share purchase acquisition of Northstar Group

()(OTCQB: ALPGF) announced it completed the acquisition of Bermuda-based holding company Northstar Group and its wholly-owned Providence Life Assurance Company.

The acquisition has been fully approved by the Bermuda Monetary Authority, the financial services specialist in the growing longevity asset class said.

WATCH: Alpha Growth acquires Bermuda-based insurance company with its £3.75mln oversubscribed share placing

Alpha’s executive chairman and chief executive Gobind Sahney and non-executive director Jason Sutherland will be joining the boards of both companies and will be focused on aggressively growing the business through a build and buy strategy, they will also be working to ensure that Alpha benefits from the significant synergistic opportunities.

Alpha said this is a transformative deal and it substantially increases the scale of its advisory business, while bringing the total assets managed under the company’s organisation to over US$300mln.

Providence specializes in providing customized life insurance products to ultra-high net worth individuals to serve their financial planning needs, it is headquartered in Bermuda and focuses on two primary lines of business: private placement variable life insurance policies and private placement variable annuities with over US$275mln in segregated assets.

“I would like to thank all the various stakeholders and advisors who have contributed to completing this important milestone in Alpha’s journey to becoming a significant financial services organisation in the longevity asset sector,” said Sahney in a release.

“Our aim is to help our clients both build and protect wealth, whilst also generating significant returns for our shareholders. The completion of this acquisition is an incredibly positive step in this journey and is just one of several exciting initiatives we have been working on.”

Shares jumped 17% to 3.85p on Tuesday morning.