Company says it has repaid outstanding bank loans
Reinsurer Alea has said it paid off 20% of its liabilities last year, the group said in a statement.
During 2007, Alea's Insurance contracts liabilities fell from $1.942bn to $1.55bn.
The company said it had paid off all its outstanding loans, while trimming its staff by over a quarter from 137 to 105.
Alea was placed into run-off in April 2006 after posting losses of $179m the previous year following a massive hit from hurricane Katrina.
In 2006, it losses fell to $0.8m, as net premiums fell by 75 per cent to $216m.
The company was bought by private equity group, Fortress, in June last year for a fee in the region of $300m.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
