Alea shares tumble on news of liability reserve strengthening
Shares in Alea Group Holdings had fallen more than 7% by 11am today, after the company said reserve strengthening would add between five and seven per cent to its half year combined ratio. The addition is believed to be as much as $80m with Alea's predicted COR for 2004 estimated at 103-105%.
In a statement, the company said: "Approximately two thirds of the reserve strengthening relates to US casualty reinsurance business written between 1999 and 2002, the majority attributable to fiveOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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