Company profile: Alea Group

Multi-line reinsurer/insurer Alea Group reported a pre-tax loss of US$28mn in 2001, its fourth year of operation. This compared with a deficit of $26mn for the previous year. Alea’s annual report said the company’s result was worse than anticipated because it included $34.5mn in net catastrophe losses. Excluding these items, the company’s operating performance was substantially in line with its business goals for 2001, according to the report which goes on to explain that the company achieved its main goals in 2001: the capital and licensing infrastructure in the US and the completion of a substantial capital enhancement programme, bringing the group’s total equity capital to $437.9mn and operating capital available for insurance and reinsurance underwriting to $594.5mn.