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.
If US Inflation Reflected Rising Home Insurance Costs, It’d Be Even Higher 
Viewpoint: Florida Insurance Market on the Mend 
Vintage Ferrari Owners’ Favorite Mechanic Charged With Theft, Fraud 
DeSantis Signs Bill Barring Local Worker Heat Protection Measures 
