Insurance Day
Ailing Alea warns bank credit agreements may be breached
By Stuart Collins
FAILED reinsurer
Alea expects to make a $200m-$240m loss for 2005, warning that further deterioration could lead to a breach of bank credit agreements.
The Bermudian and London market reinsurer and insurer posted the loss due to incurred restructuring costs, hurricane losses
and a further increase to reserves.