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Alea Group Estimates Impact of Hurricanes
Bermuda (ots/PRNewswire) - Alea Group Holdings (Bermuda) Ltd., the specialty insurer and reinsurer, today announces the estimated impact on earnings of recent hurricane activity in the United States and the Caribbean. Hurricanes Charley, Frances, Ivan and Jeanne have resulted in one of the most active storm seasons in the region ever recorded.
The ultimate cost of these four hurricanes is estimated at approximately USD$55 million (30.9 million pounds sterling) on a pre-tax basis. The estimate includes the net pre-tax cost previously announced for Hurricane Charley of less than USD$10 million.
The loss estimate was calculated following a thorough review of our portfolio, and discussions with clients and brokers. The impact of recent typhoons to strike the Pacific region is not expected to be significant.
Mark Ricciardelli, Group Chief Executive Officer, said: "The 2004 hurricane season has been one of the most active on record. Hurricanes Charley, Frances, Ivan and Jeanne have cumulatively created one of the costliest seasons recorded for our industry. As a consequence, we believe these storms will have a positive impact on rates in 2005 and 2006."
ABOUT ALEA GROUP
Alea is a global specialty insurance and reinsurance company with expertise in a wide range of property and casualty reinsurance, insurance, programme 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 http://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 from 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's 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 (other than reporting obligations imposed on us in relation to our listing on the London Stock Exchange) 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.
Web site: http://www.aleagroup.com
ots Originaltext: Alea Group Holdings (Bermuda) Ltd.
Im Internet recherchierbar: http://www.newsaktuell.ch
Media: Keith Anderson, +1-860-258-6550, Analysts & Investors: Peter
Brown, +44-20-7621-3383; or Robert Bailhache of Financial Dynamics,
+44-20-7269-7200, all for Alea Group Holdings (Bermuda) Ltd./ FCMN