The Alea Group Announces Completion of Seven Hills Acquisition

July 20, 2001

The Alea Group recently received approval from the State of New York Insurance Department to acquire Seven Hills Insurance Company.

Upon the approval, Alea completed the transaction with Great American Insurance Company on July 2,2001. Formal approval of a name change to Alea North America Insurance Company is pending. The acquisition provides the Group with insurance capability in 46 jurisdictions and over the next several months, steps will be taken to bring the company to full operation.

The acquisition is the latest in a line of strategic moves by the Alea Group designed to expand its risk solutions capabilities worldwide and increases U.S. operations to include direct property and casualty business underwritten by Alea Alternative Risk in Rocky Hill, Connecticut, a Group franchise which specializes in risk transfer and funding mechanisms including captives, deductibles, self insured retentions, pools, risk retention groups and trusts.

The Alea Group is controlled by Alea Group Holdings AG in Baar, Switzerland, which was organized in 1997 by management and an affiliate of Kohlberg Kravis Roberts & Co. to pursue targeted growth and acquisition opportunities in the insurance and reinsurance industry. The Alea Group has offices in Bahrain, Basel, Bermuda, Jersey, Kuala Lumpur, London, New York, Norwalk, Singapore, Stockholm, Sydney, Toronto, Tokyo, Tunis, and Zug.

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