Alea Group Capital Reaches $600 Million After

January 17, 2002

Alea Group Holdings (Bermuda) Ltd.(AGH) announced that it has received an additional $90 million of new equity capital from institutional investors, bringing the Group’s total operating capital to $600 million.

AGH was recently formed in Bermuda to bring together the Alea Group’s insurance holdings. It’s principal investor is the U.S. private equity firm Kohlberg Kravis Roberts and Co. (KKR), which formed the company in a management buyout of Rhine Re from Swiss insurer Baloise in 1997.

The Group announced plans to increase its capitalization at the beginning of November, when KKR pledged an additional $100 million. The additional $90 million from the other institutional investors, who were not identified in the company’s announcement, brings Alea (Bermuda) Ltd.’s funding to in excess of $400 million in statutory operating capital, and the entirety of the Group’s operating capital to $600 million, “deployed in licensed entities in Bermuda, the United Kingdom, the United States and Switzerland.

Perry Golkin, a KKR member, commented in the announcement that,” We are delighted by the success of Alea’s capital enhancement program. The investor support that Alea has received reflects its strong prospects and the experience and underwriting skill of its personnel. Alea intends to responsibly deploy capital and we intend to continue supporting Alea as it grows in stature in the industry.”

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