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.

Topics