ALEA GROUP NAMES MARK L. RICCIARDELLI PRESIDENT
AND CHIEF OPERATING OFFICER
Veteran Reinsurance Executive Brings Significant
Operating and Global Casualty Expertise to Alea
LONDON (23 MARCH, 2004) -
Alea Group Holdings (Bermuda) Ltd. (Alea Group),
the global reinsurance and specialty insurance
company, announced today that it has named Mark
L. Ricciardelli as Group President and Chief
Operating Officer, effective immediately. Mr.
Ricciardelli was most recently President and
Chief Executive Officer, Global Casualty, for
General Electric’s Employers Reinsurance
Corporation (GE ERC).
“We are delighted to welcome Mark to
Alea,” said Dennis Purkiss, Chief Executive
Officer of Alea Group. “Mark brings over
28 years of insurance-reinsurance experience
to his new role, the last fifteen spent with
GE, principally in its Employers Reinsurance
Corporation unit. His substantial experience
in all aspects of reinsurance and history of
operational expertise, including his most recent
work leading GE ERC’s global casualty
business, make him ideally suited for his new
role as our President and COO.”
“As President and COO, Mark will have
responsibility for implementing strategies that
drive top and bottom line growth for the Company,”
said Perry Golkin, an Alea board member and
a member of Kohlberg Kravis Roberts & Co.,
an affiliate of which is Alea’s largest
shareholder. “His diverse career in the
reinsurance industry has provided him with a
remarkably well balanced knowledge of all aspects
of the business, particularly in such areas
as underwriting, financial and operational management,
marketing and client relations.”
At the time of its initial public offering
in November 2003, Alea Group indicated that
it would seek to broaden its management team,
given the significant growth opportunity that
exists in the Company’s targeted markets
of casualty, alternative risk and excess &
surplus lines.
“I am delighted to be joining Alea and
look forward to working with Alea’s talented
team of professionals to realise growth through
existing and new strategies,” said Mr.
Ricciardelli. “Alea’s strong capital
base, global reach and diverse product offerings,
complemented by the strength of its underwriting
expertise, position it extraordinarily well
to capitalise on significant opportunities in
its markets now and in the future. This is an
exciting time for the Company, and I look forward
to working with my Alea colleagues to achieve
the next level in its development and to drive
continued improvements in its performance.”
As President and Chief Operating Officer, Mr.
Ricciardelli will have oversight for Alea Group’s
operating units. He will be based in Alea Group’s
offices in Connecticut, where Alea North America
is headquartered. Mr. Ricciardelli and his family
reside in Avon, Connecticut.
Mr. Ricciardelli, 51, joins Alea after serving
as President and Chief Executive Officer, Global
Casualty, of General Electric’s Employers
Reinsurance Corporation (GE ERC). Mr. Ricciardelli,
in his most recent position for GE ERC, designed
and built the organisational structure of the
Global Casualty P&L. He established a new
leadership team and the global product strategy
for casualty for all ERC group companies. Mr.
Ricciardelli’s initiatives have resulted
in significantly reduced portfolio volatility
and dramatically improved portfolio transparency
and financial performance.
From 2001 through 2002, Mr. Ricciardelli was
Senior Vice President – Facultative P&C
Reinsurance North America at ERC, where he led
the restructuring of underwriting and marketing
for this operation. From 1997 through 2001,
he was President and Chief Executive of ERC
Asia Pacific Pte Ltd, based in Singapore. Mr.
Ricciardelli was responsible for the Life, Non
Life and Business Development activities in
the Asia Pacific Region. Prior to this, he served
for a year as Senior Vice President with GE
Capital’s Equity Capital Group in Stamford.
He began his tenure at GE as manager of the
GE ERC New York Branch from 1989 through 1995.
Mr. Ricciardelli started his career in insurance
with Travelers Insurance Company in 1976. In
1978, he moved to the Swiss Re-North American
Re group of companies where, over eleven years,
he held positions of increasing underwriting
and leadership responsibility and ultimately
served as Vice President, Director of Marketing
and a member of the Executive Committee for
Western Atlantic Re.
ABOUT ALEA GROUP
Alea is a global reinsurance and specialty
insurance company with expertise in a wide range
of property and casualty reinsurance, insurance,
alternative risk and finite risk products and
services. Alea maintains a significant presence
in major insurance and reinsurance markets worldwide.
Alea is headquartered in Hamilton, Bermuda and
has ongoing operations in the United Kingdom,
the United States, Bermuda, Switzerland, Australia
and Jersey. The Company’s largest shareholder
is an affiliate of Kohlberg Kravis Roberts &
Co. Alea is publicly traded on the London Stock
Exchange under the ticker “ALEA”.
For more information on Alea Group, see www.aleagroup.com.
Contacts:
Investors
Alea
Gabriela Stadler
+41 41 767 0415
Analysts & Media
Robert Bailhache
Charles Armitstead
+44 20 7269 7200
Certain statements made in this
press release that are not based on current
or historical facts are forward-looking in nature
including, without limitation, statements containing
words "believes," "anticipates,"
"plans," "projects," "intends,"
"expects," "estimates,"
"predicts," and words of similar import.
All statements other than statements of historical
facts including, without limitation, those regarding
Alea Group Holdings (Bermuda) Ltd's financial
position, business strategy, plans and objectives
of management for future operations (including
development plans and objectives relating to
Alea Group Holdings (Bermuda) Ltd's products
and services) are forward-looking statements.
Such forward-looking statements involve known
and unknown risks, uncertainties and other important
factors that could cause the actual results,
performance or achievements of Alea Group Holdings
(Bermuda) Ltd to be materially different form
future results, performance or achievements
expressed or implied by such forward-looking
statements. In particular, forecasting of reserves
for future losses is based on historical experience
and future assumptions. As a result they are
inherently subjective and may fluctuate based
on actual future experience and changes to current
or future trends in the legal, social or economic
environment. Such forward-looking statements
are based on numerous assumptions regarding
Alea Group Holdings (Bermuda) Ltd present and
future business strategies and the environment
in which Alea Group Holdings (Bermuda) Ltd will
operate in the future. These forward-looking
statements speak only as at the date of the
document or other information concerned. Alea
Group Holdings (Bermuda) Ltd expressly disclaims
any obligations or undertaking to disseminate
any updates or revisions to any forward-looking
statements contained herein to reflect any changes
in Alea Group Holdings (Bermuda) Ltd 's expectations
with regard thereto or any change in events,
conditions or circumstances on which any such
statement is based.
Back to Press Releases 2004
|
 |
