Bermuda-based Alea Group Holdings, a leading specialty insurer and reinsurer, has issued a statement providing an update on its capital raising initiatives and trading conditions for the first half of 2005.
The Group has been under some pressure over its ratings. Standard & Poor’s changed its outlook on its “A-” rating from stable to negative in March (See IJ Website March 17). On June 10 A.M. Best placed its “A-” (Excellent) ratings under review with negative implications.
CEO Mark L. Ricciardelli commented: “The market environment and our current book of business is performing in-line with our AGM update of June 2 and our expectations. We are working on a definitive proposal to address AM Best’s previously announced concerns and continue to work actively with our advisors.”
In a separate bulletin the company indicated that “the impact of International Financial Reporting Standards (“IFRS”) on its net assets for the 12 months ended 31 December 2004 is minimal.”
Was this article valuable?
Here are more articles you may enjoy.
Florida House Gives Final Approval to Much-Debated Citizens Clearinghouse Bill 
Liberty Mutual ‘Shifting From Fixing to Building’ in 2026, CEO Says 
Indiana Church Not Owed Replacement-Cost Payment for Fire Damage 
Kyle Busch and Wife Settle Lawsuit With Pacific Life and Insurance Agent 
