LONDON (ShareCast) - 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 Buys

Partnership Assurance Group (PA.)
Director name: Mr Steve Groves
Amount purchased: 88,000 @ 277.00p
Value: £243,760

Arbuthnot Banking Group (ARBB)
Director name: Mr Henry Angest
Amount purchased: 10,000 @ 1,410.00p
Value: £141,000

Alternative Investment Strategies Ltd. Sterling Hedged Red Shs Npv (AIS)
Director name: Mr John Walley
Amount purchased: 65,000 @ 132.00p
Value: £85,800

Ocean Wilsons Holdings Ltd. (OCN)
Director name: Mr Colin Maltby
Amount purchased: 2,000 @ 1,010.00p
Value: £20,200

SABMiller (SAB)
Director name: Mr John A Manzoni
Amount purchased: 462 @ 3,030.83p
Value: £14,002


Top Director Sells

Athelney Trust (ATY)
Director name: Mr Robin G Boyle
Amount sold: 40,400 @ 206.70p
Value: £83,507

Seeing Machines Ltd. (SEE)
Director name: Mr Alexander Zelinsky
Amount sold: 842,266 @ 8.60p
Value: £72,435

Seeing Machines Ltd. (SEE)
Director name: Mr David John Gaul
Amount sold: 466,978 @ 9.00p
Value: £42,028

BC

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