Standard and Poor's Rating Services has downgraded Alea to BBB as a result of the sale of renewal rights by Alea London announced yesterday.
S&P said the outlook on the rating is stable.
In a statement this morning, Alea said: "Alea Europe's ability to underwrite business will be impaired by Standard and Poor's action."
Alea said that it is in discussions with a potential purchaser of renewal rights over the majority of Alea Europe and that a further announcement will be made in due course.
Alea added that it continues to explore options for the remaining parts of the group.
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.
