A.M. Best Co. placed the financial strength rating of “A-” (excellent) and the issuer credit rating of “a-” of the insurance and reinsurance operating subsidiaries of Alea Group Holdings Bermuda Ltd. under review with negative implications.
This rating action is based on Best’s opinion that Alea’s prospective risk-adjusted capitalization is under pressure and that the potential exists for further volatility in prior year loss reserves. It is expected that Alea will address the prospective capital strain during the third quarter of 2005.
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