London-headquartered Alpha Growth, the financial services specialist in life insurance-linked wealth and asset management, said on 17 May it agreed to acquire 93.36% of the outstanding shares of Jeometri Insurance Managers (Guernsey) Limited, with the balance of the shares being retained by its founder and current director, Darren Wadley.
The London stock exchange listed plc group specialises in creating tailored financial solutions for UHNW/HNW/mass affluent clients in the US, UK, and other parts of Europe, the Middle East, and Africa.
Wadley will be continuing as managing director of Jeometri and leading the business in its next phase of growth.
Jeometri, a regulated insurance manager based in Guernsey, was established in 2017 to specialise in the formation and management of life and general insurance and reinsurance companies.
It has extensive experience in working with companies and individuals, including private banks, financial advisory firms and insurance brokers, who are looking to either self-insure to manage their own risks or to write third-party insurance or reinsurance business but need help to navigate the complexities of setting up and administering a licensed insurance company.
Jeometri’s management team boasts unique skills and years of experience in general and life insurance, wealth management, banking, regulatory consultancy, and retail and wholesale financial product development. Furthermore, Jeometri has built a network of trusted professionals to deliver an all-around service tailored to their clients’ requirements.
This is a strategic acquisition which not only expands Alpha’s abilities to accumulate assets under administration but also provides complementary services to Alpha’s Guernsey-based life insurance company, Alpha International Life Assurance Company (Guernsey) Ltd.
The consideration payable for the acquisition of Jeometri is £449,321 in cash inclusive of the costs of the share acquisition and an infusion of working capital into the business. The transaction funding has been satisfied from Alpha’s existing cash resources and no shares were issued by Alpha for the acquisition.
The acquisition of Jeometri is subject to regulatory approval by the Guernsey Financial Services Commission. Subject to this approval, Alpha expects to complete the acquisition within the third quarter of 2024 and will make a further announcement in due course once completed.
Going forward, Alpha plans to actively assist in the growth of Jeometri including through marketing Jeometri’s solutions to its established clientele and the broader insurance community globally with a view to materially increasing its business with complementary activity for Alpha.
Darren Wadley, Jeometri’s founder and managing director, said: “The team and I are very excited to be part of the wider Alpha group; this will allow Jeometri to shed its small company image and truly showcase our knowledge, skills and experience of the insurance industry to a much wider audience.”
Jason Sutherland, Alpha’s executive director and general counsel, added: “Jeometri is an ideal acquisition for Alpha as it will generate service fees on its own level and opens a channel for business into the UK and worldwide as interest in establishing insurance entities grows. Guernsey is the ideal regulatory environment for such growth.
"Jeometri is a small but important acquisition for Alpha Growth and one which provides significant additional opportunities. As part of our buy and build strategy, we continue to actively progress our acquisition pipeline and will update shareholders on progress when appropriate.”
