LONDON, March 23, 2004 (PRIMEZONE) -- 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.
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