Alea said it was “disappointed” with the AM Best downgrading of its issuer credit rating.
The ratings agency placed Alea's financial strength rating of A- (excellent) and its issuer credit rating of ‘a-‘ under review with negative implications last week.
Alea chief executive Mark Ricciardelli said the company was in talks with the ratings agency.
“Alea is considering the most appropriate and expedient method for addressing AM Best's concerns and to maintaining its ratings," he said.
The company also announced that it has been subpoenaed by the US Securities and Exchange Commission (SEC).
The SEC has asked for documents relating to non-traditional insurance products in connection with the ongoing investigation into their possible use to distort financial statements.
Alea said it "intends to fully cooperate."
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.
