Hurt by rating company downgrades, Bermuda-based Alea Group Holdings Ltd. announced a second deal to sell off renewal rights today as well as the cessation of its underwriting in London.
Alea said it is selling the renewal rights to part of its London-based insurance and reinsurance business to Canopius Holdings UK Ltd., the specialist Lloyd's underwriter.
The company said terms of the agreement include cash payments of 5 percent of gross premiums written offset against cash payments of up to $2.5 million payable January 2006 and January 2007 in each case depending on level of premium expected.
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