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Alea Group Holdings (Bermuda) Ltd.

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

Contact:

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
Contact: anna.marsh@fd.com

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