Alea announces capital raising plans after profit slump
Troubled insurer/reinsurer Alea Group has confirmed it is still in talks with its advisors to raise additional capital in response to A.M. Best’s concerns overits risk-adjusted capital position. It said the capital required will be approximately $210 million, which it expects to be funded by an equity rights issue.
The Group is also exploring an issue of up to $50 million of perpetual preferred shares to partially reduce the amount of equity required. Alea discussed its funding proposals with the rating agenciesOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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