Alea Group Holdings (Bermuda) Ltd. and Paris-based SCOR announced that SCOR has agreed to buy the renewal rights of Alea Europe–making this the third renewal rights sale announced by Alea in recent weeks.

According to an estimate by the two companies, under the terms of the transaction the total cost of the deal will fall in the $10-to-$20 million range.

The proposal covers Alea Europe’s property and casualty treaty portfolio, which constitutes the majority of Alea Europe’s business, Alea said.

SCOR will pay a commission of 9.5 percent of gross written premiums on renewed business of Alea Europe incepting in 2006.

The deal is subject to regulatory approvals and the execution of definitive legal documentation, the companies said.

Earlier this week, Alea Group Holdings (Bermuda) Ltd. said that its subsidiary, Alea London Limited, entered into an agreement to sell the renewal rights of part of its London-based facilities insurance and reinsurance business to Canopius Holdings UK Ltd., a specialist Lloyd’s underwriter.

In a prior renewal rights deal late last month, Alea agreed to sell rights to certain portions of its U.S. primary program business written by Alea Alternative Risk to subsidiaries of AmTrust Group, a privately held, New York-based insurance and financial services company.

Rating agency downgrades in the third quarter prompted Alea to consider strategic alternatives for its various business units, putting much of the business in runoff as it sells off renewal rights. One of the rating firms, Standard & Poor’s, which had cut Alea’s ratings to “triple-B-plus” in September, downgraded the group further–to “triple-B” earlier this week.

In prior statements, Alea has noted that the downgrades hampered its ability to attract a suitable volume and quality of business.

Of the three renewal rights’ deals, the deal for the U.S. program business is expected to bring the biggest payout to Alea.

Terms of the two previous deals are as follows:

o Cash payments in the second renewal rights deal with Canopius Holdings UK Ltd. include 5 percent of gross premiums written (net of commissions) under managing general agent (MGA) contracts incepting between completion and Dec. 31, 2007.

Alea said it anticipates total payments in the range of $8-to-$12 million.

o Terms of the agreement with AmTrust included an initial advance payment of $12 million in cash, and 3 percent of gross premiums written in the five years from closing, with an estimated total consideration to Alea falling in the $20-to-$40 million range.