Alpha Growth plc has announced that one of its group companies, Providence Life Assurance Company (Bermuda) Limited, has been granted a branch license in the Isle of Man.
The new branch, operating under the name Alpha PPLI, will cater to the wealth planning needs of clients across the UK, Europe, Middle East and Asia. Providence Life Assurance provides bespoke life insurance solutions to UHNW individuals and family offices.
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, authorising the company to conduct both Class 1 and Class 2 insurance business with immediate effect.
Alpha PPLI builds upon Providence Life Assurance's expertise in Private Placement Life Insurance (PPLI) and Private Placement Variable Annuities (PPVA), offering tailored solutions designed to address complex financial and succession planning requirements of UHNW individuals and family offices.
The new branch aims to provide a full suite of customised insurance structures, supported by a team with collective industry experience and backed by parent company Alpha Growth plc.
Alpha PPLI is lead by Julian Melling, Chief Executive, and Richard Turnbull, Business Development Executive, both based in the Isle of Man.
Gobind Sahney, Chairman & CEO of Alpha Growth plc and Providence Life Assurance, said: "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."
Melling said: "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."
