Alpha Growth PLC (LSE:ALGW, OTCQB:ALPGF) said it has completed the acquisition of a Guernsey-based life insurer, adding US$275mln of assets under management (AUM) to take the group total to roughly US$700mln (£574mln).
First announced in March, the US$4.4mln purchase of Old Mutual International (Guernsey) was operationally completed as of 1 August 2022 which is when the London-listed fund management and insurance group started recording contributions to its revenue and earnings.
Having now been approved by appropriate regulators in Guernsey and South Africa, the acquisition is fully complete and will now be renamed Alpha International Life Assurance Company (Guernsey) Ltd, with Alpha Growth’s executive chairman Gobind Sahney, non-executive director Jason Sutherland and Dan Gray from its Bermuda-based Providence Life Assurance Company joining its board.
As well as increasing AUM, the company said the new addition provides a platform for it to offer life insurance-based wealth management products and life insurance-linked funds to Europe-based ultra-high-net-worth individuals, family offices and institutions.
Having a life insurance arm in European also provides a base for further acquisitions on this side of the Atlantic, it added.
Sahney stated that completion of the acquisition is “an incredibly significant step in our goal of managing over US$2bn of AUM by 2025 and is just one of several exciting initiatives our team have been progressing.”
He also said the company is “in the final stages” of completing the acquisition of Barbados-based Havelet Assignment Company, which was announced last month.
In a statement, Sahney commented: “With continued and ongoing market volatility caused by world events further underpinning the appeal of our uncorrelated offerings, as well as the potential for certain acquisition opportunities presenting themselves over the course of the next 12 to 18 months, there is a possibility, if all goes well, that we may beat our target of reaching $2bn of AUM by 2025.”