ALEA Alea

 

TIDMALEA 
 
RNS Number : 3064W 
Alea Group Holdings(Bermuda) Ltd 
17 November 2010 
 

 
 
 
 
 
 
 
17 November 2010 
 
                       Alea Group Holdings (Bermuda) Ltd 
                          Interim Management Statement 
 
 
HAMILTON, Bermuda - Alea Group Holdings (Bermuda) Ltd. ('Alea' or 'the Group') 
issues its interim management statement for the period from 30 June 2010 to 
today's date. 
Performance during the period 
Reported insurance and reinsurance claims to date are generally in line with 
current reserving assumptions as Alea continues the orderly run-off of its 
balance sheet.  Operating expenses to date are generally in line with 
expectations as Alea continues to efficiently scale its operating costs to the 
reduced business activity resulting from the run-off of its total liabilities 
and concomitant reduction in its assets. 
 
During the period, the Group experienced a further impairment loss of $1.9 
million to the carrying values of its non-agency US mortgage-backed securities. 
Ratings and valuations of the Group's non-agency US mortgage-backed securities 
have not required any change to the Group's buy and hold strategy for such 
securities. 
 
Significant events during the period 
At a meeting of the Board of Directors of the Company held on 16 November 2010, 
the Directors approved a resolution proposing to cancel the standard listing of 
the Company's Common Shares, which are held and settled in CREST by means of 
depositary interests and which are traded on the main market of the London Stock 
Exchange (the "Cancellation").  For further details of the Cancellation please 
see the relevant RNS announcement also made today (17 November 2010). 
 
 
 
For further information, please contact: 
 
Jeff Rosenthal 
+1 441 296 9150 
 
Sheel Sawhney 
+1 860 258 6524 
 
Financial Dynamics 
Nick Henderson 
+44 20 7269 7114 
 
#### 
 
 
Past performance cannot be relied upon as a guide to future performance. 
 
Certain statements made in this document that are not based on current or 
historical facts are forward-looking in nature including, without limitation, 
statements containing the 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 the Group's financial position, business strategy, 
plans and objectives of management for future operations (including development 
plans and objectives) 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 the 
Group 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 the Group's present and 
future business strategies and the environment in which the Group will operate 
in the future. These forward-looking statements speak only as at the date of 
this 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 the Group's expectations 
with regard thereto or any change in events, conditions or circumstances on 
which any such statement is based. References in this paragraph to the Group are 
to Alea Group Holdings (Bermuda) Ltd and its subsidiaries from time to time. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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