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Abonner Alea Group Holdings (Bermuda) Ltd.

Alea Group Holdings (Bermuda) Ltd.

Mark L. Ricciardelli named CEO and Executive Director of Alea - Dennis Purkiss to move to Consultancy Position

Bermuda (ots)

Alea Group Holdings (Bermuda) Ltd. ("Alea" or "the
Group"), the global reinsurance and specialty insurance company,
today announced the promotion of Mark L. Ricciardelli from Group
President and Chief Operating Officer to Group President and Chief
Executive Officer with immediate effect. Mr. Ricciardelli has also
been appointed an Executive Director of Alea.
Dennis Purkiss, CEO of Alea since May 2000, will stay on at Alea
until the end of the year to ensure a smooth transition and has
agreed to become a Consultant to the Group under a 12-month contract
commencing 1 January 2005. He will step down from the Board of
Directors with effect from 30 June 2004.
Dennis and the Board had been discussing plans for succession for
some time and Mark was appointed with that possibility in mind.
Dennis has decided to accelerate the Company's succession plan.
Mr. Ricciardelli has 28 years' experience within the reinsurance
industry, having spent the last 15 years at GE, where he was most
recently President and CEO, Global Casualty, of General Electric's
Employers Reinsurance Corporation.
Mr. Purkiss led Alea's listing on the London Stock Exchange in
November 2003 and has begun the next phase of the Company's growth
plans. As set out at the time of the initial public offering, these
are to deploy new capital to capture the growth opportunity that
exists in the Company's chosen markets - namely, casualty
reinsurance, alternative risk, excess & surplus lines, and in Europe.
These plans remain on track. Owing to the successful
implementation of the Group's strategy, Mr. Purkiss feels
sufficiently assured of the Group's prospects to step aside.
John Reeve, non-executive Chairman of Alea and a former Executive
Chairman of Willis Group Holdings, said "Dennis has done a tremendous
job building and guiding Alea, and we wish him well. We are pleased
he has agreed to continue to work for Alea to ensure a smooth
transition. Mark brings with him a wealth of experience that will
benefit the Group enormously as it moves into the next phase of its
development."
Mr. Purkiss said: "I am proud of what we have built at Alea and
believe the Group has an exciting future. I am pleased to be and will
remain a stockholder, and will act to ensure a smooth transition to
Mark as CEO. I wish my colleagues and the Company well as the Group
evolves and prospers."
Mr. Ricciardelli said: "Dennis has built Alea into what it is
today - a strong, diversified global insurer and reinsurer with a
focused strategy and strong operating results. I am excited by the
opportunity to lead Alea."
He added: "We have an excellent team, a very strong future and our
financial plan for 2004 remains unchanged. I plan to drive the
Company's existing strategy and look forward to working with my Alea
colleagues to achieve the next level in the Group's development."
There will be a conference call for analysts today at 9am. The
dial in number is + 44 (0) 207 784 1018.
A replay of the conference call will be available for 1 week. The
dial in number is +44 (0)207 984 7578 and the passcode is 126762 .
ABOUT ALEA
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 the Group, see www.aleagroup.com.
ABOUT MARK L. RICCIARDELLI
Mr. Ricciardelli joined Alea in March 2004, 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.
This information is provided by RNS     The company news service
from the London Stock Exchange
ots Original Text Service: Alea Group Holdings (Bermuda) Ltd.
Internet: www.newsaktuell.ch/f

Contact:

Investors

Alea Mark L. Ricciardelli
Phone +44 20 7621 3233

Amanda Atkins
Phone +41 41 767 0402

Gabriela Stadler
Phone +41 41 767 0415

Analysts & Media

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

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