Alea reports underwriting and normal claims development

Alea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting state it will continue to implement strategic exits from businesses exhibiting rate deterioration in order to overcome recent underwriting hurdles.CEO Mark Ricciardelli says pre-tax losses from Windstorm Erwin in January remain at the Company’s initial $20 million to $25 million estimates and further suggests that it is “well positioned” to achieve its long-term goal of a 12% to 15% return on equity.