Alea sells ANASIC

Alea Group Holdings has agreed to sell Alea North America Specialty Insurance Co (ANASIC) to Praetorian Financial Group for between $30-36m.

Praetorian will buy Alea's shares in ANASIC for $4m in cash plus the policyholders' surplus of ANASIC as of the closing date.

The total gross assets in ANASIC are $41.3m, with a pretax profit of $730,000 for the year to end December 2005.