ALEA Alea

RNS Number:0557J
Alea Group Holdings(Bermuda) Ltd
25 February 2005

                                                                        

                    Alea announces senior management changes
           for administration, North America, and group underwriting

BERMUDA (25 February 2005) - Alea Group Holdings (Bermuda) Ltd., the specialty
insurer and reinsurer, today announced changes in the executive management team.

Kirk Lusk was appointed Group Chief Administrative Officer and will oversee
Group Human Resources, Information Technology, Claims, Marketing, and Risk
Management/Audit. Mr. Lusk was previously Group Senior Vice President for
Strategic Planning and Corporate Development and will retain responsibility for
these critical functions in his new role. These positions previously reported
directly to Mark Ricciardelli, Chief Executive Officer. This change will
streamline the senior management decision-making process and allow Mr.
Ricciardelli and the leadership team to devote more attention to Alea's
strategic business development.

Mr. Lusk is a seasoned veteran of the insurance industry with experience in
underwriting, business planning and development and finance. Prior to joining
Alea, he was Manager of Finance for GE's Employers Reinsurance Corporation.

Effective immediately, Gary C. Prestia is appointed Chief Executive Officer of
Alea North America, the company's U.S. reinsurance operation, based in Wilton,
Connecticut. Mr. Prestia is a seasoned veteran with 20 years of broad
underwriting and executive management experience, primarily in the reinsurance
sector. He began his career at Republic Insurance in 1985 and, over the next two
decades, accepted positions of increasing responsibility within St. Paul
Reinsurance, Skandia America Reinsurance and Transatlantic Reinsurance. Most
recently, he served as President of Converium Reinsurance (North America) from
2003 to 2004. Mr. Prestia succeeds Michael Hayes who has left the company to
pursue other interests.

Also announced today was the resignation of Stewart K. Laderman, Group Chief
Underwriting Officer. The Board of Directors would like to thank Mr. Laderman
for his contribution to the development of Alea. His responsibilities will be
assumed, on an interim basis, by Gilles Meyer, Chief Executive Officer of Alea
Europe, and Thomas Weidman, Group Chief Actuary.

Alea will be reporting its preliminary results on 16 March 2005 and has not
changing its guidance from that given on January 20th.

"Our management team continues to evolve reflecting the increasingly
sophisticated global nature of our company," said Mark L. Ricciardelli, Chief
Executive Officer, Alea Group. "We have made excellent progress over the past
six months in adding critical talent and in refining our organizational
structure."

                                      ###

Alea is a global specialty insurance and reinsurance company with expertise in a
wide range of property and casualty products. Alea is headquartered in Hamilton,
Bermuda and its principle markets are the U.S., UK, and Europe. The Company's
largest shareholder is an affiliate of Kohlberg Kravis Roberts & Co. Alea is
publicly traded on the London Stock Exchange under the ticker "ALEA". For more
information on Alea Group, see www.aleagroup.com.

For further information please contact:

Media: Keith Anderson +1 860 258 6550

Analysts & Investors: Peter Brown +44 20 7621 3383

                      Financial Dynamics
                      Robert Bailhache
                      +44 20 7269 7200

Certain statements made in this press release that are not based on current or
historical facts are forward-looking in nature including, without limitation,
statements containing words "believes," "anticipates," "plans," "projects,"
"intends," "expects," "estimates," "predicts," and words of similar import. All
statements other than statements of historical facts including, without
limitation, those regarding Alea Group Holdings (Bermuda) Ltd's financial
position, business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to Alea Group
Holdings (Bermuda) Ltd's products and services) are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of Alea Group Holdings (Bermuda) Ltd to be materially different
from future results, performance or achievements expressed or implied by such
forward-looking statements. In particular, forecasting of reserves for future
losses is based on historical experience and future assumptions. As a result
they are inherently subjective and may fluctuate based on actual future
experience and changes to current or future trends in the legal, social or
economic environment. Such forward-looking statements are based on numerous
assumptions regarding Alea Group Holdings (Bermuda) Ltd's present and future
business strategies and the environment in which Alea Group Holdings (Bermuda)
Ltd will operate in the future. These forward-looking statements speak only as
at the date of the document or other information concerned. Alea Group Holdings
(Bermuda) Ltd expressly disclaims any obligations or undertaking (other than
reporting obligations imposed on us in relation to our listing on the London
Stock Exchange) to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any changes in Alea Group Holdings
(Bermuda) Ltd 's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.





                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
BOAMGGZZFKDGKZM

Alea (LSE:ALEA)
Historical Stock Chart
From Jun 2024 to Jul 2024

Alea (LSE:ALEA)
Historical Stock Chart
From Jul 2023 to Jul 2024