Alea Group Holdings today declared pre-tax profits of $10.9m (£5.7m), compared to $54.5m (£28.3m) in 2003...
Alea Group Holdings today announced a huge fall in pre-tax profits from $54.5m (£28.3m) in 2003 to $10.9m (£5.7m) in 2004.
The results announcement coincided with the news that chief finance officer Amanada Atkins has resigned from the company.
Standard & Poor's have responded by loweringits outlook on the Group from stable to negative.
Combined ratio increased to 104.2% from 96.8% in 2003. Alea said an “unusually high natural catastrophe losses” had offset the number.
Gross written premiums for the group were reported as $1.58bn (£821m), 22% higher than last year's $1.3bn (£676m).
Alea London wrote $561.8m (£293m) of gross premiums, 3% up on last year's $566m (£294m). The insurance arm made up 53% of the total, while reinsurance represented 47%.
Combined ratio for Alea London was 103.4%, 16.7 points worse than 2003.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
