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Alea Group Holdings (Bermuda) Ltd.

Alea Names President & COO

London (ots)

Alea Group Names Mark L. Ricciardelli President and Chief  
   Operating Officer
Veteran Reinsurance Executive Brings Significant Operating and 
   Global Casualty Expertise to Alea
Alea Group Holdings (Bermuda) Ltd. (Alea Group),
the global reinsurance and specialty insurance company, announced
today that it has named Mark L. Ricciardelli as Group President and
Chief Operating Officer, effective immediately. Mr. Ricciardelli was
most recently President and Chief Executive Officer, Global Casualty,
for General Electric's Employers Reinsurance Corporation (GE ERC).
"We are delighted to welcome Mark to Alea," said Dennis Purkiss,
Chief Executive Officer of Alea Group. "Mark brings over 28 years of
insurance-reinsurance experience to his new role, the last fifteen
spent with GE, principally in its Employers Reinsurance Corporation
unit. His substantial experience in all aspects of reinsurance and
history of operational expertise, including his most recent work
leading GE ERC's global casualty business, make him ideally suited
for his new role as our President and COO."
"As President and COO, Mark will have responsibility for
implementing strategies that drive top and bottom line growth for the
Company," said Perry Golkin, an Alea board member and a member of
Kohlberg Kravis Roberts & Co., an affiliate of which is Alea's
largest shareholder. "His diverse career in the reinsurance industry
has provided him with a remarkably well balanced knowledge of all
aspects of the business, particularly in such areas as underwriting,
financial and operational management, marketing and client
relations."
At the time of its initial public offering in November 2003, Alea
Group indicated that it would seek to broaden its management team,
given the significant growth opportunity that exists in the Company's
targeted markets of casualty, alternative risk and excess & surplus
lines.
"I am delighted to be joining Alea and look forward to working
with Alea's talented team of professionals to realise growth through
existing and new strategies," said Mr. Ricciardelli. "Alea's strong
capital base, global reach and diverse product offerings,
complemented by the strength of its underwriting expertise, position
it extraordinarily well to capitalise on significant opportunities in
its markets now and in the future. This is an exciting time for the
Company, and I look forward to working with my Alea colleagues to
achieve the next level in its development and to drive continued
improvements in its performance."
As President and Chief Operating Officer, Mr. Ricciardelli will
have oversight for Alea Group's operating units. He will be based in
Alea Group's offices in Connecticut, where Alea North America is
headquartered. Mr. Ricciardelli and his family reside in Avon,
Connecticut.
Mr. Ricciardelli, 51, joins Alea after serving as President and
Chief Executive Officer, Global Casualty, of General Electric's
Employers Reinsurance Corporation (GE ERC). Mr. Ricciardelli, in his
most recent position for GE ERC, designed and built the
organisational structure of the Global Casualty P&L. He established a
new leadership team and the global product strategy for casualty for
all ERC group companies. Mr. Ricciardelli's initiatives have resulted
in significantly reduced portfolio volatility and dramatically
improved portfolio transparency and financial performance.
From 2001 through 2002, Mr. Ricciardelli was Senior Vice President
- Facultative P&C Reinsurance North America at ERC, where he led the
restructuring of underwriting and marketing for this operation. From
1997 through 2001, he was President and Chief Executive of ERC Asia
Pacific Pte Ltd, based in Singapore.
Mr. Ricciardelli was responsible for the Life, Non Life and
Business Development activities in the Asia Pacific Region. Prior to
this, he served for a year as Senior Vice President with GE Capital's
Equity Capital Group in Stamford. He began his tenure at GE as
manager of the GE ERC New York Branch from 1989 through 1995.
Mr. Ricciardelli started his career in insurance with Travelers
Insurance Company in 1976. In 1978, he moved to the Swiss Re-North
American Re group of companies where, over eleven years, he held
positions of increasing underwriting and leadership responsibility
and ultimately served as Vice President, Director of Marketing and a
member of the Executive Committee for Western Atlantic Re.
ABOUT ALEA GROUP
Alea is a global reinsurance and specialty 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, Australia and Jersey. The Company's
largest shareholder is an affiliate of Kohlberg Kravis Roberts & Co.
Alea is publicly traded on the London Stock Exchange under the ticker
"ALEA". For more information on Alea Group, see www.aleagroup.com.
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.

Contact:

Investors

Alea
Gabriela Stadler
Phone: +41/41/767'0415

Analysts & Media

Financial Dynamics
Robert Bailhache
Phone: +44/20/7269'7200
Charles Armitstead

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