Partnership Assurance CEO ups stake after recent share-price fall

20th Dec 2013 15:51

UK insurer Partnership Assurance revealed on Friday that its Chief Executive Officer (CEO) topped up his stake in the company, taking advantage of the stock's recent slump since it floated in London this summer.Steve Groves, who joined the company in 2005 and was appointed CEO in 2008, purchased 88,000 shares in the firm at a price of 277p per share.The £243,760 transaction raised his stake to just over 9.5m shares, equal to a holding of 2.37%. He also has options over a further 324,675 shares through the company's share incentive plan.Partnership Assurance, which debuted on the stock market in June, has seen its share price steadily decline and is now trading 38% lower than its starting price.The company said in November that new business rose by just 3% in the third quarter, a sharp slowdown from the 12% growth registered in the first quarter and the 11% increase seen in the second. Groves said that the company is still on track to hit its full-year profit forecasts, but warned of a "challenging sales environment".Top Director BuysPartnership Assurance Group (PA.) Director name: Mr Steve GrovesAmount purchased: 88,000 @ 277.00p Value: £243,760Arbuthnot Banking Group (ARBB) Director name: Mr Henry AngestAmount purchased: 10,000 @ 1,410.00p Value: £141,000Alternative Investment Strategies Ltd. Sterling Hedged Red Shs Npv (AIS) Director name: Mr John WalleyAmount purchased: 65,000 @ 132.00p Value: £85,800Ocean Wilsons Holdings Ltd. (OCN) Director name: Mr Colin MaltbyAmount purchased: 2,000 @ 1,010.00p Value: £20,200SABMiller (SAB) Director name: Mr John A ManzoniAmount purchased: 462 @ 3,030.83p Value: £14,002Top Director SellsAthelney Trust (ATY) Director name: Mr Robin G BoyleAmount sold: 40,400 @ 206.70p Value: £83,507Seeing Machines Ltd. (SEE) Director name: Mr Alexander ZelinskyAmount sold: 842,266 @ 8.60p Value: £72,435Seeing Machines Ltd. (SEE) Director name: Mr David John GaulAmount sold: 466,978 @ 9.00p Value: £42,028BC