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LONDON (Alliance News) - Financial services firm Alpha Growth PLC said on Friday it has acquired US-based Colva Insurance Services Corp for GBP77,727 in shares.
Alpha Growth will issue 4.0 million shares at 1.95 pence per share to pay for the acquisition.
Shares in Alpha Growth were down 3.0% on Friday at a price of 1.60 pence each.
Colva provides actuarial services to clients in life insurance, annuity, and life settlements.
Colva's major shareholder is its founder Rajiv Rebello, who once the acquisition is completed will join Alpha Growth as chief actuary and director of Investment Analytics.
Rebello founded Colva in 2011, and has worked as its principal since. Prior to that, he was assistant vice president at American International Group Inc for two years from 2009 to 2011.
"The acquisition of Colva includes the addition of Rajiv who will become our chief actuary and director of Investment Analytics. Rajiv is a terrific addition to the team and expands our in-house abilities to provide clients with superior advise and guidance on longevity assets. We welcome Rajiv and the clients that Colva works with to the Alpha team," said Chair Gobind Sahney.