Alea has announced that Standard and Poor's has downgraded its ratings to BBB+ from A-. The outlook on the rating is negative.
The company said that as a result of the downgrade it will review, with its advisers and AM Best, its previously announced plans to raise additional capital.
The board is currently exploring strategic alternatives including the sale of the group. The group stated that there could be no assurance that any transaction would be concluded.
Separately, Alea said that its preliminary estimate of pre-tax net losses from Hurricane Katrina was in the region of $20m to $30m.
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.
