Alea Group has said its Alea Europe unit has agreed heads of terms for the proposed sale of renewal rights sale to SCOR Group.
The proposal covers Alea Europe's property and casualty treaty portfolio, which constitutes the majority of Alea Europe's business.
SCOR will pay Alea a commission equal to 9.5% of gross premiums written on renewed reinsurance business of Alea Europe starting next year.
Alea and SCOR estimate that payments to Alea under the proposed sale will be in the region of $10-20m.
