Alea Group Holdings is to continue its programme of strategic exits from lines of business that it believes may be “susceptible to rate deterioration over the next 24 months”, the company announced.
The announcement comes after results stating there had been an average rate decrease of 2% for the period up to April 30 2005.
Alea's chairman of the board of directors John Reeve said, “Alea continues to benefit from the current favourable market environment.”
Chief executive Mark Ricciardelli said the group “is in the strongest capital position in its history".
He continued: "We are focused on executing our strategic plan, and are well positioned to achieve our long-term goal of a 12% to 15% return on equity.”
The release of Alea's pre-close period trading update is set for 8 July, stating the impact of the international financial reporting standards on its results for the year ended 31 December 2004.
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.
