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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Alea | ALEA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.20 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.20 | 1.20 |
| Top Posts |
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Posted at 04/4/2007 22:20 by m.t.glass A nice 25% gain for anyone who genuinely did trust that 74p floor (I certainly wouldn't have, and didn't!). Congratulations to anyone who did so. (though there may well also be some non-genuine claims to have done so - there usually are afterwards). A gain of about half that for those who bought into the mid-March breakout.But having captured so much of the 72% slide through 2004, 2005, and into 2006, those of us who profited from repeatedly or continuously shorting it have done better from this than from anything since the great (documented) CRTO ski ride ;o) ALEA,CRTO and GMX before that, have all earned their corn as enjoyable territory for shorters ;o) |
Posted at 10/10/2006 19:48 by m.t.glass businesswire.comOctober 10, 2006 09:00 AM Eastern Time Alea Contracts with Cambridge for Finance and Accounting Services New Deal Signals Expansion of Capabilities and Services GREENWICH, Conn.--(BUSINESS WIRE)--Cambridge Integrated Services, the leader in innovative claims and risk management services, announced today that it has entered into a three-year contract with Alea North America, a global specialty insurance and reinsurance company, (London Stock Exchange listing ALEA) to provide finance and accounting (F&A) services, information management, and internal and external reporting services for its insurance and reinsurance businesses. This means that in addition to traditional claims management services, companies can now have their insurance/reinsuranc "We believe this arrangement is both creative and very unique in that it provides a great deal of synergies and 'wins' for both Alea and Cambridge," said Mark Jones, SVP and Head of Alea's US Operations. Commenting on the expanded services, Wesley O'Brien, President, Cambridge Integrated Services, said, "We are pleased to have been selected by Alea and believe the opportunity to provide F&A services to them and the insurance/reinsuranc About Cambridge Integrated Services Headquartered in Greenwich, Connecticut, United States, Cambridge Integrated Services, a subsidiary of Cambridge Solutions Ltd., is one of the largest independently owned property and casualty claims and risk management services providers. Cambridge serves Fortune 500 self-insured employers, insurance carriers and public entities in the U.S., Europe and Australia. Claims services span workers' compensation; general, auto, professional and product liability; as well as property, personal lines and assumed/ceded reinsurance. Cambridge also offers a wide array of specialty risk management services including outcomes management and audit consulting, managed care, special investigations, structured settlements, and subrogation/recovery services. For more information, visit: www.cambridgeworldwi About Cambridge Solutions Ltd. Cambridge Solutions Ltd. (HQ: Bangalore, India; USHQ: Greenwich, CT) is a strategic global outsourcing firm with deep expertise in: IT business consulting, application implementation, software engineering, maintenance and support services Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making. The Company employs over 4,000 professionals serving customers on 4 continents through over 80 locations worldwide. With offices in the USA, Europe, India, Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world. The company's BPO subsidiary was named one of the top three performing BPO companies by Global Services media and neoIT in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)'s "2006 Global Outsourcing 100" list, that appeared in a special advertising section in Fortune Magazine. The Company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker "CAMBRIDGE". For more information, visit: www.cambridgeworldwi About Alea Alea is a global specialty insurance and reinsurance company with expertise in a wide range of property and casualty products and services. Alea is publicly traded on the London Stock Exchange under the ticker 'ALEA'. For more information on Alea, visit www.aleagroup.com Safe Harbor Certain statements in this release are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services, including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns in fixed price, fixed time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, etc. The company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the company. Contacts Cambridge Integrated Services Tracy Mock, 847-543-1681 |
Posted at 05/10/2006 13:41 by m.t.glass ALEA would presumably argue they are already achieving the best return they safely can, on the monies set aside for meeting all obligations. That KPMG report is presumably meant to point out that there are others who might do better - and to whom the ALEA board might be tempted to sell on their obligations in exchange for cash.Were ALEA to do so, is the cash they might obtain and pay off the shareholders with, likely to be at a discount or a premium to the current share price?? |
Posted at 15/2/2006 17:22 by m.t.glass - same story as seen from Bermuda:Alea asks to be taken off ratings By Lilla Zuill The Alea Group, a Bermuda-based insurance company that has been selling off units and putting others into run off, has asked the ratings firms that have been tracking its financial performance to suspend their analysis of the company. Alea previously asked ratings firm A.M. Best to stop rating the company, and has now halted Standard & Poor's ratings. Standard & Poor's, a ratings firm widely followed by insurance buyers, yesterday, in an e-mailed statement, said it had affirmed Alea's financial strength rating of 'BBB', but was asked to no longer keep the company under surveillance. S&P had previously downgraded Alea's ratings, and the company also suffered a ratings downgrade from A.M. Best, another leading ratings firm, on concerns over whether the company was sufficiently capitalised. As a company in run-off, Alea will stay open to honour claims from policies already sold but won't do any business. This could mean the company no longer sees any value in being rated by either ratings firm since the ratings are key to attracting customers, something Alea no longer needs to do. Alea's management is taking steps to maximise the value of the group, including the sale of renewal rights, the "aggressive" management of costs, and the commutation of contracts, S&P said. An insurer bowing out of the market can sell the renewal rights to another company effectively giving the buyer access to the seller's customers. And under a commutation, contracts are ended early, while coverage is arranged with another insurer. The ratings agency also said it expects Alea to be able to meet any obligations it has under contracts it has sold, and that unrated debt and preferred securities held by Alea in Bermuda totalling $320 million are not in line to be paid ahead of policyholders. Ongoing shareholder funds support net loss reserves estimated at $1.3 billion, S&P said. An insurance company sets up reserve funds to hold monies earmarked to pay for possible future claims. |
Posted at 14/2/2006 21:02 by m.t.glass Anyone care to translate this?Does that second paragraph effectively mean that in future the company website will be able to permanently refer back to this current rating - being the last published one - knowing that no further (worse) S&P ratings can subsequently appear? Standard & Poor's Ratings Services has affirmed its 'BBB' long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. The outlook is stable however, at the same time, the ratings were withdrawn at the request of the companies' management. Consequently, S&P's says it will no longer surveillance any of the Alea group of companies. The Alea group went into run-off in 2005, and S&P's says management is taking steps to maximize the value of the group, including the sale of renewal rights, the aggressive management of costs, and the commutation of contracts. S&P's says it expects the Alea group to meet its policyholder obligations in full. Alea Group Holdings (Bermuda) Ltd. (not rated) the holding company of the group has unrated senior debt totaling $200 million and unrated guaranteed trust preferred securities at an intermediate holding company level totaling $120 million. S&P's reports however, that these are junior to the policyholder obligations of the group's operating companies. Ongoing shareholder funds support net loss reserves estimated at $1.3 billion. Although there has been adverse reserve development reported in recent years, S&P's says this is not expected to exhaust shareholder funds, in the operating companies or at the consolidated level. |
Posted at 30/1/2006 23:12 by m.t.glass A.M.Best is not impressed:January 30, 2006 03:27 PM US Eastern Timezone A.M. Best Downgrades and Withdraws Ratings of Alea Group Subsidiaries OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 30, 2006--A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating to "bb" from "bbb" of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda) Ltd (collectively referred to as Alea Group or Alea). The rating applies to Alea London Limited, Alea (Bermuda) Limited, Alea Europe Limited, Alea North America Insurance Company, Alea North America Specialty Insurance Company, Alea Global Risk Limited and Alea Jersey Limited. The outlook for all ratings remains negative. Subsequently, A.M. Best has withdrawn all ratings and has assigned an NR-4 (Company Request) to the Alea Group companies. The downgrade follows significant deterioration in the company's consolidated risk-adjusted capitalisation as a result of worse than anticipated performance in 2005 due to run-off charges, catastrophe losses and further adverse reserve development. A.M. Best believes that the company is likely to continue to be affected by high expenses related to the transition of Alea Group into run off and the continuing possibility of adverse reserve development. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
Posted at 06/12/2005 19:50 by handycam LONDON (Standard & Poor's) Dec. 6, 2005--Standard & Poor's Ratings Services said today it lowered its long-term counterparty credit and insurer financial strength ratings on Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co.--the operating entities that constitute the Alea group (Alea)--to 'BBB' from 'BBB+'. The outlook on all entities is stable. The rating action follows yesterday's announcement that Alea London Ltd., the largest risk carrier within the group (on 2004 premium basis), has ceased to write business and that renewal rights for part of the program business written by the company have been sold to Canopius Holdings U.K. Ltd. "As a result of recent management actions, only Alea Europe AG continues to underwrite new business, and we consider that the Alea group as a whole is close to being in effective run-off," said Standard & Poor's credit analyst Simon Marshall. As measured by 2004 net premiums written, 83% of the Alea group's business is now in run-off. |
Posted at 25/11/2005 12:17 by m.t.glass This from insurancejournal.com today:S&P Sees No Effect on Alea's Ratings Following Sale of Renewal Rights November 25, 2005 Standard & Poor's Ratings Services has issued a statement indicating that its ratings on the Alea Group are unaffected by the announcement that is to sell the renewal rights of its U.S. primary program business written by Alea North America Insurance Co. and Alea North America Specialty Insurance Co. (See IJ Website "National" Nov. 22). The bulletin concerns S&P's ratings for "Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. (all rated local currency, 'BBB+/Negative/), the operating entities that constitute the Alea group," said S&P "Although the companies will no longer underwrite business, the group retains ownership of them, and they continue to benefit from the existing cross guarantees between the group's operating entities," the bulletin continued. "The group continues to explore all options for its remaining businesses." S&P noted that Alea's "BBB+" ratings "are underpinned by strong Alea group capitalization, and our expectation continues to be that capital adequacy will remain at its current level. Regulatory approval would be required before any withdrawal of capital from the operating companies, and management has not sought such approval at this time." |
Posted at 23/9/2005 17:12 by m.t.glass Slightly more detailed version of downgrade report:September 22, 2005 04:58 PM US Eastern Timezone A.M. Best Removes Alea Group and Its Subsidiaries from Under Review; Downgrades Financial Strength and Issuer Credit Ratings OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 22, 2005--A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit rating to "bbb" from "a-" of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda) Ltd (collectively referred to as Alea Group or Alea). This rating action removes the under review status of the rating, which occurred in June 2005. The rating applies to Alea London Limited, Alea (Bermuda) Limited, Alea Europe Limited, Alea North America Insurance Company, Alea North America Specialty Insurance Company, Alea Global Risk Limited and Alea Jersey Limited. The outlook for all ratings is negative. A.M. Best believes that compound annual growth in net premiums written of 60% between 2001-2004 and significant reserve shortfalls from prior underwriting years, which have greatly weakened operating performance, have placed a strain on the company's risk-adjusted capitalisation. A.M. Best remains concerned about Alea's ability to significantly improve performance to the level required to sustain capitalisation going forward. Although premium levels are expected to decline as a result of changes to Alea's business plan and its diminished business profile, the company has insufficient capital to maintain an A- (Excellent) financial strength rating, taking into account the potential for further poor operating performance. The company unlikely will be able to address this issue by raising additional capital in 2005. A.M. Best expects Alea's future performance to continue to deteriorate as a result of expenses pressure due to declining business volumes, catastrophe experience in the second half of 2005 and the possibility of further deterioration in prior year reserves. Combined, these factors could lead to performance considerably below the group's long-term target of a 12%-15% post tax return on capital and surplus. A.M. Best anticipates a decline in gross premiums written in 2005 of above 10%, reflecting restructuring of the company's underwriting, management of exposure and withdrawal from certain poorly performing classes. Further ahead, Alea's access to certain business classes and territories will be detrimentally affected by concerns relating to its recent performance. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratin A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
Posted at 10/9/2005 15:40 by m.t.glass AFX News Limited Alea may put up 'for sale' sign after credit rating downgrade UPDATE 09.09.2005, 02:30 PM (Recasts, adds analyst comment) LONDON (AFX) - Troubled insurer Alea Group Holdings (Bermuda) Ltd on Friday said it may put itself up for sale after Standard & Poor's cut its credit rating, citing the group's weak operating performance. Alea said it was 'exploring strategic alternatives including a sale of the group' in response to the downgrade, which is likely to deter brokers from recommending the insurer to clients, slashing its revenues. The insurer also said it was reconsidering a planned 210 mln usd rights issue aimed at averting another ratings downgrade, this time from the AM Best agency. AM Best, a specialist insurance sector ratings agency, placed Alea's rating under review in June, citing concerns over the company's capital strength. Alea shares closed 2.5 pct lower at 136-1/2 pence, valuing the company at about 243 mln stg. Analysts said the most likely outcome was a break-up and sale of the company, with some parts of its operations being placed in run-off, where no new clients are taken on and the business simply pays claims from existing customers. 'This is probably the end of the road for Alea as an operating unit, although that doesn't mean that it doesn't have value,' said Neil Manser, insurance analyst at Fox-Pitt Kelton. Manser said Alea's UK insurance business and its US reinsurance unit are the most likely candidates for run-off, while its US insurance business stands a good chance of being sold as a going concern. He also said a UK-based insurer may be interested in doing a deal which would allow it to inherit Alea's tax-friendly Bermudan structure. Another option is that the company could be bought by US private equity group KKR, Alea's biggest shareholder with a 41 pct stake. Alea's finances have been hit over the past year by higher than expected claims, which have forced it to set aside more cash than originally planned. Last month, the company unveiled a 47 pct drop in interim profits, weighed down by a surprise 34.7 mln usd addition to its claims reserves. Separately, Alea estimated its exposure to Hurricane Katrina, which is thought to have caused total insurance losses of up to 50 bln usd when it swept through the southern US last month, at 20-30 mln usd. myles.neligan@afxnew mn/ec |
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