- Alea Group Holdings (Bermuda) Ltd. (Alea Group),the
global reinsurance and specialty insurance company, is pleased to
announce that A.M. Best has assigned a group rating of A- (Excellent)
to Alea North America Specialty Insurance Company (Alea Specialty), a
wholly owned US subsidiary of Alea.
A.M. Best said the group rating reflects Alea Specialty's core
status within Alea. The insurance rating and information source added
that the outlook on the rating is stable. According to A.M. Best,
Alea benefits from "an excellent level of current consolidated
risk-based capital, strong operating performance and consistently
improving business profile."
A capital contribution of $10,000,000 was made to Alea Specialty
following a Global Offer of new shares by Alea Group as part of its
listing on the London Stock Exchange in November 2003. The Global
Offer raised net proceeds of $260 million.
Based in the United States, Alea Specialty is an authorized excess
and surplus lines insurer. Alea's Alternative Risk unit underwrites
on behalf of Alea Specialty, providing an increased range of services
to its North American insurance customers.
Commenting on the rating action, Dennis Purkiss, Alea Group Chief
Executive, said: "We are delighted that A.M. Best has assigned this
rating to our North American specialty insurance subsidiary. Alea
Specialty's rating further extends the Group's considerable
capabilities in the insurance market, and in particular, in the North
American excess and surplus lines market. With Alea London, and now
Alea Specialty, we believe the growth prospects for this business
Rob Byler, CEO of Alea Alternative Risk added, "The AM Best rating
offers yet another indication that Alea is strengthening its market
position, and providing our US clients with the choice they require
in structuring risk solutions. A key element of our strategy is
having a broad product offering, which in turn, allows our clients
greater flexibility in program design."
About Alea Group
Alea is a global reinsurance and speciality insurance company with
expertise in a wide range of property and casualty reinsurance,
insurance, alternative risk and finite risk products and services.
Alea maintains a significant presence in major insurance and
reinsurance markets worldwide. Alea is headquartered in Hamilton,
Bermuda and has ongoing operations in the United Kingdom, the United
States, Bermuda, Switzerland, Sweden, Australia and Jersey. For more
information on Alea Group, see www.aleagroup.com
As an excess and surplus lines insurer, coverages underwritten by
or on behalf of Alea Specialty may only be available through a duly
licensed surplus lines broker or intermediary, and must be arranged
in accordance with applicable federal and state law, including
applicable surplus lines laws.
Certain statements made in this press release that are not based
on current or historical facts are forward-looking in nature
including, without limitation,statements containing words "believes,"
"anticipates," "plans," "projects," "intends," "expects,"
"estimates," "predicts," and words of similar import. All statements
other than statements of historical facts including, without
limitation, those regarding Alea Group Holdings (Bermuda) Ltd's
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to Alea Group Holdings (Bermuda) Ltd's products
and services) are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or
achievements of Alea Group Holdings (Bermuda) Ltd to be materially
different form future results, performance or achievements expressed
or implied by such forward-looking statements. In particular,
forecasting of reserves for future losses is based on historical
experience and future assumptions. As a result they are inherently
subjective and may fluctuate based on actual future experience and
changes to current or future trends in the legal, social or economic
environment. Such forward-looking statements are based on numerous
assumptions regarding Alea Group Holdings (Bermuda) Ltd present and
future business strategies and the environment in which Alea Group
Holdings (Bermuda) Ltd will operate in the future. These
forward-looking statements speak only as at the date of the document
or other information concerned.
Alea Group Holdings (Bermuda) Ltd expressly disclaims any
obligations or undertaking to disseminate any updates or revisions to
any forward-looking statements contained herein to reflect any
changes in Alea Group Holdings (Bermuda) Ltd 's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
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ots Original Text Service: Alea Group Holdings (Bermuda) Ltd
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