Alea Europe AG said it has completed a transaction that shouldbring the firm $10 million at a minimum for the sale of renewalrights to part of its reinsurance business covering itsproperty-casualty treaty portfolio to SCOR.
The subsidiary of the Bermuda-based Alea Group Holdings Ltd.said that Paris-based SCOR will pay it in cash a commission equalto 9.5 percent of gross premiums written on renewed Europeanreinsurance business of Alea Europe starting in 2006.
About 90 percent of Alea Europe's business starts on Jan. 1,with payments made six weeks later.
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