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ALEA Alea

1.20
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Alea LSE:ALEA London Ordinary Share BMG015751024 COM SHS USD0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.20 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.20 USD

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Posted at 10/10/2006 18:48 by m.t.glass
businesswire.com


October 10, 2006 09:00 AM Eastern Time
Alea Contracts with Cambridge for Finance and Accounting Services
New Deal Signals Expansion of Capabilities and Services

GREENWICH, Conn.--(BUSINESS WIRE)--Cambridge Integrated Services, the leader in innovative claims and risk management services, announced today that it has entered into a three-year contract with Alea North America, a global specialty insurance and reinsurance company, (London Stock Exchange listing ALEA) to provide finance and accounting (F&A) services, information management, and internal and external reporting services for its insurance and reinsurance businesses. This means that in addition to traditional claims management services, companies can now have their insurance/reinsurance accounting, financial reporting and state filings managed by Cambridge as well. In addition to Cambridge's own onshore and offshore F&A team, the company will assume responsibility for certain Alea employees to ensure continuity on the Alea account.

"We believe this arrangement is both creative and very unique in that it provides a great deal of synergies and 'wins' for both Alea and Cambridge," said Mark Jones, SVP and Head of Alea's US Operations.

Commenting on the expanded services, Wesley O'Brien, President, Cambridge Integrated Services, said, "We are pleased to have been selected by Alea and believe the opportunity to provide F&A services to them and the insurance/reinsurance industry as a whole is a real breakthrough. By applying our business process management approach to finance and accounting, we can offer high quality specialized services to this critical market."

About Cambridge Integrated Services

Headquartered in Greenwich, Connecticut, United States, Cambridge Integrated Services, a subsidiary of Cambridge Solutions Ltd., is one of the largest independently owned property and casualty claims and risk management services providers. Cambridge serves Fortune 500 self-insured employers, insurance carriers and public entities in the U.S., Europe and Australia. Claims services span workers' compensation; general, auto, professional and product liability; as well as property, personal lines and assumed/ceded reinsurance. Cambridge also offers a wide array of specialty risk management services including outcomes management and audit consulting, managed care, special investigations, structured settlements, and subrogation/recovery services. For more information, visit: www.cambridgeworldwide.com.

About Cambridge Solutions Ltd.

Cambridge Solutions Ltd. (HQ: Bangalore, India; USHQ: Greenwich, CT) is a strategic global outsourcing firm with deep expertise in:

IT business consulting, application implementation, software engineering, maintenance and support services
Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making.
The Company employs over 4,000 professionals serving customers on 4 continents through over 80 locations worldwide.

With offices in the USA, Europe, India, Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world. The company's BPO subsidiary was named one of the top three performing BPO companies by Global Services media and neoIT in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)'s "2006 Global Outsourcing 100" list, that appeared in a special advertising section in Fortune Magazine.

The Company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker "CAMBRIDGE". For more information, visit: www.cambridgeworldwide.com.

About Alea

Alea is a global specialty insurance and reinsurance company with expertise in a wide range of property and casualty products and services. Alea is publicly traded on the London Stock Exchange under the ticker 'ALEA'. For more information on Alea, visit www.aleagroup.com

Safe Harbor

Certain statements in this release are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services, including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns in fixed price, fixed time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, etc. The company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the company.

Contacts
Cambridge Integrated Services
Tracy Mock, 847-543-1681
Posted at 05/10/2006 12:41 by m.t.glass
ALEA would presumably argue they are already achieving the best return they safely can, on the monies set aside for meeting all obligations. That KPMG report is presumably meant to point out that there are others who might do better - and to whom the ALEA board might be tempted to sell on their obligations in exchange for cash.

Were ALEA to do so, is the cash they might obtain and pay off the shareholders with, likely to be at a discount or a premium to the current share price??
Posted at 22/5/2006 19:05 by m.t.glass
From Bermuda -

Monday, May 22, 2006
Shares tumble on storm forecasts

By Lilla Zuill


Bermuda's publicly listed insurers saw their share prices move lower as markets closed on Friday.

A number likely lost ground as investors reacted to growing predictions that the 2006 hurricane season will see above average activity for the third year in a row.
Nine of the Island's insurers that trade on the New York Stock Exchange or Nasdaq lost ground on Friday, one remained unchanged and four advanced.

AccuWeather, a US-based weather forecaster, last week predicted three major hurricanes would hit the US in 2006 and said warmer Atlantic surface temperatures created a greater likelihood of storms travelling up the Eastern seaboard. Last year's storms caused the most costly damage in Florida and in areas surrounding the Gulf of Mexico.

AccuWeather's storm predictions, which generally mirror the predictions from other forecasters for an above-active hurricane season when it officially begins on June 1, may have fuelled already heightened investor concerns. Many investors got burned on insurance stocks last year, with some losing more than half their market value after the large losses. Most have regained some of the losses in the months since.

At least four of Bermuda's insurers have however floundered in the wake of 2006 losses. Alea, Rosemont, PXRe and Quanta are now either going up on the sales block or being put into run-off, a form of winding down an insurance company that allows claims to be met. At least three of the four can directly attribute their troubles to larger than expected hurricane losses.

Market losses sustained by Bermuda insurers this week were in line with losses sustained by the wider market. The KBW Insurance Index, which tracks the trading of 24 insurance companies active in the US and includes four Bermuda-based firms and designed to represent the price performance of the broader insurance market, lost 2.7 percent over the week.

Bermuda insurers Aspen Insurance Holdings Ltd., Endurance Specialty Holdings Ltd., Platinum Underwriters, XL Capital, PXRe, RenaissanceRe and Montpelier Re were amongst those to see their shares close lower on Friday.

At least one of Bermuda's insurers, Max Re, may have lost ground on other news.
The Front Street-based reinsurer saw its share price fall seven cents to close at $22.72 after it was notified by the Nasdaq that its failure to make a timely quarterly filing put it in violation of listing requirements. The company is now at risk of a delisting.

Max Re hasn't filed its first quarter report pending the outcome of an already announced review of three finite risk contracts that may have been improperly accounted for. Max Re told investors it is considering a restatement of earnings up to $25 million over a several-year period, and intends to address Nasdaq's concerns in a hearing.

Montpelier, one of the reinsurers worst hit by storm claims last year, also saw its shares fall to a new low this week. The shares fell to $15 on Wednesday, an all-time low point, and a decline from a 52-week high of $36.35. By Friday, Montpelier had regained some ground, closing down 19 cents to $15.12 in composite trading on the New York Stock Exchange.

Investors may question holding insurance stocks if forecasters are right about 2006 hurricane prospects. The insurance industry sustained losses estimated in the region of $80 billion last year from deadly hurricanes Katrina, Rita and Wilma, making it the most costly hurricane season on record. Bermuda insurers and reinsurers shouldered about $12 billion of the total bill.

While losses in 2005 were high, leaving the Bermuda market with an overall loss for the year, investors eagerly stepped up to help shore up balance sheets, pouring some $20 billion back into the sector. The sector likely attracted more capital because insurers can generally charge more for policies in the wake of a costly catastrophe like Katrina.

The Bermuda market ended 2005 with more capital than a year earlier. The influx of cash replenished the coffers of established companies as well as backing a wave of new reinsurers forming to take advantage of an expected rise in 2006 property-catastrophe, and offshore energy policies.
Posted at 15/2/2006 17:22 by m.t.glass
- same story as seen from Bermuda:


Alea asks to be taken off ratings

By Lilla Zuill

The Alea Group, a Bermuda-based insurance company that has been selling off units and putting others into run off, has asked the ratings firms that have been tracking its financial performance to suspend their analysis of the company.
Alea previously asked ratings firm A.M. Best to stop rating the company, and has now halted Standard & Poor's ratings.
Standard & Poor's, a ratings firm widely followed by insurance buyers, yesterday, in an e-mailed statement, said it had affirmed Alea's financial strength rating of 'BBB', but was asked to no longer keep the company under surveillance.
S&P had previously downgraded Alea's ratings, and the company also suffered a ratings downgrade from A.M. Best, another leading ratings firm, on concerns over whether the company was sufficiently capitalised.
As a company in run-off, Alea will stay open to honour claims from policies already sold but won't do any business. This could mean the company no longer sees any value in being rated by either ratings firm since the ratings are key to attracting customers, something Alea no longer needs to do.
Alea's management is taking steps to maximise the value of the group, including the sale of renewal rights, the "aggressive" management of costs, and the commutation of contracts, S&P said.
An insurer bowing out of the market can sell the renewal rights to another company effectively giving the buyer access to the seller's customers. And under a commutation, contracts are ended early, while coverage is arranged with another insurer.
The ratings agency also said it expects Alea to be able to meet any obligations it has under contracts it has sold, and that unrated debt and preferred securities held by Alea in Bermuda totalling $320 million are not in line to be paid ahead of policyholders.
Ongoing shareholder funds support net loss reserves estimated at $1.3 billion, S&P said. An insurance company sets up reserve funds to hold monies earmarked to pay for possible future claims.
Posted at 14/2/2006 21:02 by m.t.glass
Anyone care to translate this?
Does that second paragraph effectively mean that in future the company website will be able to permanently refer back to this current rating - being the last published one - knowing that no further (worse) S&P ratings can subsequently appear?



Standard & Poor's Ratings Services has affirmed its 'BBB' long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co.
The outlook is stable however, at the same time, the ratings were withdrawn at the request of the companies' management. Consequently, S&P's says it will no longer surveillance any of the Alea group of companies.
The Alea group went into run-off in 2005, and S&P's says management is taking steps to maximize the value of the group, including the sale of renewal rights, the aggressive management of costs, and the commutation of contracts.
S&P's says it expects the Alea group to meet its policyholder obligations in full.
Alea Group Holdings (Bermuda) Ltd. (not rated) – the holding company of the group – has unrated senior debt totaling $200 million and unrated guaranteed trust preferred securities at an intermediate holding company level totaling $120 million. S&P's reports however, that these are junior to the policyholder obligations of the group's operating companies.
Ongoing shareholder funds support net loss reserves estimated at $1.3 billion.
Although there has been adverse reserve development reported in recent years, S&P's says this is not expected to exhaust shareholder funds, in the operating companies or at the consolidated level.
Posted at 30/1/2006 23:12 by m.t.glass
A.M.Best is not impressed:



January 30, 2006 03:27 PM US Eastern Timezone
A.M. Best Downgrades and Withdraws Ratings of Alea Group Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 30, 2006--A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating to "bb" from "bbb" of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda) Ltd (collectively referred to as Alea Group or Alea). The rating applies to Alea London Limited, Alea (Bermuda) Limited, Alea Europe Limited, Alea North America Insurance Company, Alea North America Specialty Insurance Company, Alea Global Risk Limited and Alea Jersey Limited. The outlook for all ratings remains negative. Subsequently, A.M. Best has withdrawn all ratings and has assigned an NR-4 (Company Request) to the Alea Group companies.

The downgrade follows significant deterioration in the company's consolidated risk-adjusted capitalisation as a result of worse than anticipated performance in 2005 due to run-off charges, catastrophe losses and further adverse reserve development. A.M. Best believes that the company is likely to continue to be affected by high expenses related to the transition of Alea Group into run off and the continuing possibility of adverse reserve development.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.
Posted at 06/12/2005 19:50 by handycam
LONDON (Standard & Poor's) Dec. 6, 2005--Standard & Poor's Ratings Services
said today it lowered its long-term counterparty credit and insurer financial
strength ratings on Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk
Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co.,
and Alea North America Specialty Insurance Co.--the operating entities that
constitute the Alea group (Alea)--to 'BBB' from 'BBB+'. The outlook on all
entities is stable.
The rating action follows yesterday's announcement that Alea London Ltd.,
the largest risk carrier within the group (on 2004 premium basis), has ceased
to write business and that renewal rights for part of the program business
written by the company have been sold to Canopius Holdings U.K. Ltd.
"As a result of recent management actions, only Alea Europe AG continues
to underwrite new business, and we consider that the Alea group as a whole is
close to being in effective run-off," said Standard & Poor's credit analyst
Simon Marshall. As measured by 2004 net premiums written, 83% of the Alea
group's business is now in run-off.
Posted at 25/11/2005 12:17 by m.t.glass
This from insurancejournal.com today:


S&P Sees No Effect on Alea's Ratings Following Sale of Renewal Rights
November 25, 2005

Standard & Poor's Ratings Services has issued a statement indicating that its ratings on the Alea Group are unaffected by the announcement that is to sell the renewal rights of its U.S. primary program business written by Alea North America Insurance Co. and Alea North America Specialty Insurance Co. (See IJ Website "National" Nov. 22).

The bulletin concerns S&P's ratings for "Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. (all rated local currency, 'BBB+/Negative/), the operating entities that constitute the Alea group," said S&P

"Although the companies will no longer underwrite business, the group retains ownership of them, and they continue to benefit from the existing cross guarantees between the group's operating entities," the bulletin continued. "The group continues to explore all options for its remaining businesses."

S&P noted that Alea's "BBB+" ratings "are underpinned by strong Alea group capitalization, and our expectation continues to be that capital adequacy will remain at its current level. Regulatory approval would be required before any withdrawal of capital from the operating companies, and management has not sought such approval at this time."
Posted at 22/11/2005 09:59 by m.t.glass
I can see the headlines tomorrow "ALEA share price hit by bad grammar."
;o)
Posted at 23/9/2005 16:12 by m.t.glass
Slightly more detailed version of downgrade report:



September 22, 2005 04:58 PM US Eastern Timezone

A.M. Best Removes Alea Group and Its Subsidiaries from Under Review; Downgrades Financial Strength and Issuer Credit Ratings

OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 22, 2005--A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit rating to "bbb" from "a-" of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda) Ltd (collectively referred to as Alea Group or Alea). This rating action removes the under review status of the rating, which occurred in June 2005. The rating applies to Alea London Limited, Alea (Bermuda) Limited, Alea Europe Limited, Alea North America Insurance Company, Alea North America Specialty Insurance Company, Alea Global Risk Limited and Alea Jersey Limited. The outlook for all ratings is negative.


A.M. Best believes that compound annual growth in net premiums written of 60% between 2001-2004 and significant reserve shortfalls from prior underwriting years, which have greatly weakened operating performance, have placed a strain on the company's risk-adjusted capitalisation. A.M. Best remains concerned about Alea's ability to significantly improve performance to the level required to sustain capitalisation going forward. Although premium levels are expected to decline as a result of changes to Alea's business plan and its diminished business profile, the company has insufficient capital to maintain an A- (Excellent) financial strength rating, taking into account the potential for further poor operating performance. The company unlikely will be able to address this issue by raising additional capital in 2005.

A.M. Best expects Alea's future performance to continue to deteriorate as a result of expenses pressure due to declining business volumes, catastrophe experience in the second half of 2005 and the possibility of further deterioration in prior year reserves. Combined, these factors could lead to performance considerably below the group's long-term target of a 12%-15% post tax return on capital and surplus.

A.M. Best anticipates a decline in gross premiums written in 2005 of above 10%, reflecting restructuring of the company's underwriting, management of exposure and withdrawal from certain poorly performing classes. Further ahead, Alea's access to certain business classes and territories will be detrimentally affected by concerns relating to its recent performance.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.
Alea share price data is direct from the London Stock Exchange

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