After fielding shareholder queries about the deal, the financial services specialist said it wished to clarify to the market that the acquisition was of Northstar Group (Bermuda) Ltd, not Northstar Financial Services Bermuda Limited.
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The latter outfit, which the company did not invest in, is understood to be in liquidation in Bermuda.
“Northstar Financial Services Bermuda Limited is not related to Northstar Group (Bermuda) Ltd,” Alpha Growth said.
Northstar Group specialises in providing customized life insurance products to ultra-high net worth individuals through its operating subsidiary Providence Life Assurance Co.