Interim Management Statement
17 November 2009 - 8:00AM
UK Regulatory
TIDMALEA
RNS Number : 6010C
Alea Group Holdings(Bermuda) Ltd
17 November 2009
17 November 2009
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 1 July 2009 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. Alea continues to seek ways to efficiently scale its operating
costs in line with movements in its total liabilities and assets.
During the period, the Group experienced an improvement in the valuations of its
non-agency US mortgage-backed securities, consistent with overall market
conditions. As of the date of this statement, ratings and valuations of the
Group's non-agency US mortgage-backed securities have not required any change in
the Group's buy and hold strategy.
Other events in the period
On 16 September 2009, the Group announced that its Swiss subsidiary, Alea Europe
Ltd., had re-domiciled to Bermuda and had been merged into Alea (Bermuda) Ltd.
On 30 October 2009, the Group announced the closing of the previously announced
sale of its UK-based subsidiary (Alea Holdings UK Ltd.) to Catalina Holdings
(Bermuda) Ltd, effective 29 October 2009. Further details relating to the sale
including its impact on the financial position of the Group were disclosed in
the announcement of the Group's interim results for the six months ended 30 June
2009.
Financial calendar
The Group expects to announce its results for the year ended 31 December 2009 on
18 March 2010.*
[*provisional date]
For further information, please contact:
Mark Cloutier
+1 441 296 9150
Sheel Sawhney
+1 860 258 6524
Financial Dynamics
Robert Bailhache
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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