Bermuda reinsurer Alea Group Holdings said today its ratings from A.M. Best Co. have been placed under review for a possible downgrade because of capitalization and loss-reserve concerns.
Separately, the reinsurer also announced it received a subpoena from the U.S. Securities and Exchange Commission relating to non-traditional finite insurance products.
The Oldwick, N.J.-based A.M. Best Co. has placed its "A-minus" financial strength rating and the "a-minus" issuer credit rating for Alea's operating units under review with "negative" implications.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
