ALEA GROUP HOlDINGS (BERMUDA) LTD. RECEIVES US $250 MILLION IN NEW CAPITAL; COMPANY NOW HAS IN EXCESS OF US $500 MILLION IN TOTAL OPERATING CAPITAL

Hamilton, Bermuda -- Alea Group Holdings (Bermuda) Ltd. announced today that it has received US$250 million of new capital, increasing Alea Group's total operating capital to in excess of US$500 million. The new capital is the result of a strategic capital enhancement program and includes a previously announced investment from Kohlberg Kravis Roberts & Co. (KKR) as well as additional institutional financing.

Perry Golkin, a KKR member, commented, "We and our co-investors are very excited about Alea's prospects. This phase of the capital enhancement program has been successful and we intend to continue supporting the Company so that it can meet the risk management needs of its clients. We have talented and experienced professionals in every major market and we have the infrastructure in place to quickly respond to those clients and prospects."

Dennis Purkiss, Chairman and Chief Executive Officer of Alea commented, "We appreciate the confidence and support of KKR and our other investors. We have been building the Group over the last several years and we stand ready to meet our clients' needs. This is an extraordinarily challenging time for our industry and we can meet that challenge."

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.

CONTACT:

United Kingdom:
Dennis Purkiss
44 207 621 3333 or
Stephen Cane
44 207 621 3131

United States:
George Judd
203-849-6602

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