HAMILTON, Bermuda and LONDON, Feb. 19, 2004 (PRIMEZONE) -- 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 remain excellent."
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 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 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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