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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 01/3/2007 21:08 by m.t.glass Nothing. They are wind-up merchants.;o) PS: Results will be one day before tax year ends for private investors.. |
Posted at 22/5/2006 20:05 by m.t.glass From Bermuda -Monday, May 22, 2006 Shares tumble on storm forecasts By Lilla Zuill Bermuda's publicly listed insurers saw their share prices move lower as markets closed on Friday. A number likely lost ground as investors reacted to growing predictions that the 2006 hurricane season will see above average activity for the third year in a row. Nine of the Island's insurers that trade on the New York Stock Exchange or Nasdaq lost ground on Friday, one remained unchanged and four advanced. AccuWeather, a US-based weather forecaster, last week predicted three major hurricanes would hit the US in 2006 and said warmer Atlantic surface temperatures created a greater likelihood of storms travelling up the Eastern seaboard. Last year's storms caused the most costly damage in Florida and in areas surrounding the Gulf of Mexico. AccuWeather's storm predictions, which generally mirror the predictions from other forecasters for an above-active hurricane season when it officially begins on June 1, may have fuelled already heightened investor concerns. Many investors got burned on insurance stocks last year, with some losing more than half their market value after the large losses. Most have regained some of the losses in the months since. At least four of Bermuda's insurers have however floundered in the wake of 2006 losses. Alea, Rosemont, PXRe and Quanta are now either going up on the sales block or being put into run-off, a form of winding down an insurance company that allows claims to be met. At least three of the four can directly attribute their troubles to larger than expected hurricane losses. Market losses sustained by Bermuda insurers this week were in line with losses sustained by the wider market. The KBW Insurance Index, which tracks the trading of 24 insurance companies active in the US and includes four Bermuda-based firms and designed to represent the price performance of the broader insurance market, lost 2.7 percent over the week. Bermuda insurers Aspen Insurance Holdings Ltd., Endurance Specialty Holdings Ltd., Platinum Underwriters, XL Capital, PXRe, RenaissanceRe and Montpelier Re were amongst those to see their shares close lower on Friday. At least one of Bermuda's insurers, Max Re, may have lost ground on other news. The Front Street-based reinsurer saw its share price fall seven cents to close at $22.72 after it was notified by the Nasdaq that its failure to make a timely quarterly filing put it in violation of listing requirements. The company is now at risk of a delisting. Max Re hasn't filed its first quarter report pending the outcome of an already announced review of three finite risk contracts that may have been improperly accounted for. Max Re told investors it is considering a restatement of earnings up to $25 million over a several-year period, and intends to address Nasdaq's concerns in a hearing. Montpelier, one of the reinsurers worst hit by storm claims last year, also saw its shares fall to a new low this week. The shares fell to $15 on Wednesday, an all-time low point, and a decline from a 52-week high of $36.35. By Friday, Montpelier had regained some ground, closing down 19 cents to $15.12 in composite trading on the New York Stock Exchange. Investors may question holding insurance stocks if forecasters are right about 2006 hurricane prospects. The insurance industry sustained losses estimated in the region of $80 billion last year from deadly hurricanes Katrina, Rita and Wilma, making it the most costly hurricane season on record. Bermuda insurers and reinsurers shouldered about $12 billion of the total bill. While losses in 2005 were high, leaving the Bermuda market with an overall loss for the year, investors eagerly stepped up to help shore up balance sheets, pouring some $20 billion back into the sector. The sector likely attracted more capital because insurers can generally charge more for policies in the wake of a costly catastrophe like Katrina. The Bermuda market ended 2005 with more capital than a year earlier. The influx of cash replenished the coffers of established companies as well as backing a wave of new reinsurers forming to take advantage of an expected rise in 2006 property-catastrophe |
Posted at 03/4/2006 23:57 by m.t.glass "..There will be a live audio webcast of Alea's results presentation to analystsand investors, accessible through the Group's website www.aleagroup.com at 10.00am on Tuesday, 4 April 2006..." |
Posted at 02/3/2006 09:01 by m.t.glass Just out:Hamilton, BERMUDA - Alea Group Holdings (Bermuda) Ltd will announce its results for the 12 months ended 31 December 2005 on Tuesday, 4 April 2006. There will be a live audio webcast of Alea's results presentation to analysts and investors, accessible through the Group's website www.aleagroup.com at 10.00am on Tuesday, 4 April 2006. |
Posted at 07/11/2005 13:04 by m.t.glass Clicking on the 'trades' tab up top gives an indication of small investors throwing in the towel and walking away now. (Mr 1696 easing his way out £2k at a time? L2 shows his next bid at 110.5p since 1:07pm) (Though with people placing/rolling/closNms is 10,000 but most MMs quoting only 2500 (except one on 6250) which can make it harder to get out. |
Posted at 23/9/2005 11:23 by m.t.glass STOCKWATCH Alea tumbles as AM Best cuts to B++, co cancels rights issueLONDON (AFX) - Shares in Alea Group Holdings fell in opening trade after the group announced it was dropping its planned rights issue following a downgrade to B++ from AM Best, dealers said. At 8.26 am, Alea was down 9 pence or 6.34 pct at 133. AM Best cut its rating on Alea to B++ on a negative outlook. Earlier this month S&P cut its rating on the group to BBB+. Following the rating cut the group announced it will no longer proceed with its rights issue and is continuing to explore strategic alternatives including a sale. "We think that the two rating agency downgrades have now seriously impaired the franchise and it is no surprise to us that the capital raising will not go ahead," Merrill Lynch said. It seems that Alea's options are now to run on a standalone basis, an outright sale, or to continue to write new business on a financial strength rating that may be viewed as inadequate, the broker said. The first 2 options would add the most value to investors, while the third would offer further downside to the shares, Merrill Lynch believes. Merrill maintained its 'neutral' recommendation. newsdesk@afxnews.com leb/hjp |
Posted at 09/9/2005 10:34 by m.t.glass Looking at the chart, the current share price slippage is nothing new. That longterm trend will take it rapidly into pennyshareland if it doesn't find salvation sometime soon. Anyone who bought soon after floatation last year has seen the share price halve already. Whatever its pre-float history might have been, it looks as though exposure to market scrutiny has never generated great enthusiasm among investors. Now the management are talking of having to divert their activities away from the very business they considered such a good opportunity in the first place. PS: Would someone more skilled than me at fundamental analysis care to comment on the scale and manageability of its debt in relation to capitalisation? And how this might influence the price any predator might consider paying? (That's if KKR are prepared to relinquish a big chunk of their influence or maybe continue as a guarantor. The whole setup seems too much of a personal project somehow) EDIT: Alea warned there could be no assurance that a sale will be concluded, a sentiment echoed by a number of analysts. "We are not optimistic that the group will be able to find a corporate buyer at attractive levels as the risks involved are likely to be a major deterrent," Numis Securities said. "The investment case continues to revolve around the terms of any fundraising," said Bridgewell Securities analyst Geoff Miller. "Without a fundraising the downgrade is a reminder that it is likely the business would be run off, as it will be difficult to generate new business with a lower credit rating. The fund raising would be worthwhile only if this position could be reversed," Miller said. |
Posted at 31/8/2005 13:43 by m.t.glass Press reaction not good:eg: Alea in tactics change as profits dive Jim Armitage, Evening Standard 31 August 2005 DEEPLY troubled reinsurance group Alea today reported a massive crash in profits and admitted it faced a likely exposure to Hurricane Katrina. Alea also said it was moving away from reinsurance, where companies effectively insure the insurers, to concentrate on trading as a primary insurance company. Bermuda-based Alea has been a major lossmaker for shareholders since floating in London 20 months ago, suffering enormous claims in its US casualty reinsurance operations. In June, credit rating guru AM Best raised questions about its financial strength, leading chief executive Mark Ricciardelli to launch a campaign which he said today would aim to raise $210m (£118m) through a rights issue. Venture capitalist and 40% shareholder KKR would have to give the move its backing and is performing due diligence. Alea also admitted it had been forced to put an extra $34.7m into its reserves pot to cover claims coming in from before 2002. The extra sum came following a review by new management into so-called long tail casualty liabilities. Half year pre-tax profits collapsed to $25.9m - down 47% on a year ago. Analysts had been expecting about $38m. Ricciardelli, who did not come to London to face investors today, said in a statement that exposure to Katrina was 'too early to be estimated'. |
Posted at 19/8/2005 11:12 by m.t.glass Figures due to be released 31 August. Will they be accompanied by fund raising proposals? We are entering the peak of the Atlantic hurricane season (mid Aug to mid Oct) which is of no immediate relevance to ALEA, but which does sometimes bring headlines that drag down some within its sector (although I gather that hedge funds are increasingly participating with catastrophe bonds and the like) and which prompts some investors to switch sectors about now. Edit: Hurrican forecast from yesterday: (more applicable to insurers other than ALEA, but may affect sector?) PS: Hurricanes are of course normal in a hurricane season and allowed for. PS: If I'm talking twaddle I'm sure somebody will put me right ;o) |
Posted at 28/6/2005 11:21 by m.t.glass --> Didn't even know it was an ILV. And had to go look that up ;o)Came to it via its chart without knowing what it does. Having wavered over shorting it last month, I missed out on that mid-June dive, but am now short from 166p. Though someone appears to be doing their bit to keep it up at 165p. EDIT: I wrote that before seeing that interesting batch of trades timed at 11:14:54 Alea's FTSE 250 Eviction is the Least of Its Worries 2005-06-11 Daily Mail Jun. 11--What a week it was for Alea Holdings. On Wednesday, the reinsurer suffered the ignominy of ejection from the FTSE 250 following the quarterly reshuffle of the index. Its woes deepened yesterday, after AM Best placed Alea's financial strength and issuer credit ratings under review with negative implications. Lowly-rated insurers face higher borrowing costs, to compensate lenders for undertaking greater risk. However, Alea faces even greater worries should its ratings fall into the "B" range -- just a notch above its current standing. Such a rating would essentially freeze Alea from the reinsurance market, as brokers are reluctant to do business with reinsurers rated below A-, say analysts. Chief executive Mark Ricciardelli pledged to address AM Best's concerns, and is likely to announce a fund raising shortly. "The exact form of which we will begin discussing with our financial investors," he said. Alea dumped 35p to finish at 150p, the worst performance among the top 350 shares. Analysts were not shocked, given the deterioration of Alea's reserves through the year. But there was no hint of trouble in Alea's agm statement last week. Separately, Alea also revealed the receipt of a subpoena from America's Securities and Exchange Commission, relating to the use of loss-mitigation insurance products. The US regulator has been investigating the entire insurance industry. That probe has snared reinsurance group General Re, owned by whiter-than-white Warren Buffett's Berkshire Hathaway. A second senior General Re executive will plead guilty to criminal fraud charges, according to US reports. Regulators are sifting through transactions between General Re and disgraced insurance giant AIG. Alea's troubles poisoned the whole insurance industry -- companies that were only peripherally related to Alea suffered. Broker Jardine Lloyd Thompson slumped 2 3/4p to 362 1/4p, while underwriter Amlin retreated 6p to 174p. Fellow reinsurer Benfield created its own problems, warning that this year's revenues are unlikely to exceed last year's £305m. Its US performance has disappointed, while employee costs have risen. Benfield has increased head count by 8pc since the beginning of the year, recruiting many from rivals implicated in that US insurance industry probe. Benfield tumbled 22 3/4p to 254p. |
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