ALEA GROUP HOLDINGS (BERMUDA) LTD. RECEIVES AN ADDITIONAL US$90 MILLION IN NEW CAPITAL, BRINGING TOTAL OPERATING CAPITAL TO US$600 MILLION

Hamilton, Bermuda, January 16, 2002 -- Alea Group Holdings (Bermuda) Ltd. announced today that it has received an additional US$90 million of new equity capital from institutional investors, increasing Alea Group's total operating capital to US$600 million.

Dennis Purkiss, Chairman and Chief Executive Officer commented, "Alea Group is a very strongly capitalized operation. Our operating company structure is designed for capital efficiency and enables us to maintain licensed entities in many major markets and best meet the risk management needs of our clients around the world."

Perry Golkin, a KKR member, commented, "We are delighted by the success of Alea's capital enhancement program. The investor support that Alea has received reflects its strong prospects and the experience and underwriting skill of its personnel. Alea intends to responsibly deploy capital and we intend to continue supporting Alea as it grows in stature in the industry."

Alea (Bermuda) Ltd. now has in excess of US$400 million in statutory operating capital, with the entirety of the Group's US$600 million in operating capital deployed in licensed entities in Bermuda, the United Kingdom, the United States and Switzerland.

Alea Group Holdings (Bermuda) Ltd is a new company that has been formed in connection with the creation of a Bermuda-based holding company for the Alea Group.

The Alea Group was organized in 1997 by management and an affiliate of KKR to pursue targeted growth and acquisition opportunities in the insurance and reinsurance industry. The Alea Group has offices in Bahrain, Basel, Bermuda, Jersey, Kuala Lumpur, London, New York, Norwalk, Rocky Hill, Singapore, Stockholm, Sydney, Toronto, Tokyo and Tunis.

Contacts:

United Kingdom:
Dennis Purkiss or Stephen Cane
011 44 207 617 6159

United States:
George Judd
(203) 849-6602

Bermuda:
Andre Perez
(441) 296-9150

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