Alea Group Enters Into Definitive Agreement With Great American To Purchase Seven Hills Insurance Company.Business Editors ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--May 24, 2001 The Alea Group, a global insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. company announced today that it has entered into a definitive agreement with Great American Insurance Company to acquire Seven Hills Insurance Company, a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of domiciled insurer. The acquisition is the latest in a line of strategic moves by the Alea Group designed to expand its risk solutions capabilities worldwide. By the acquisition, Alea expands it U.S. operations to include direct property and casualty business underwritten by Alea Alternative Risk in Rocky Hill, Connecticut Rocky Hill is a town in Hartford County, Connecticut, United States with a population of 17,966 as of the 2000 census. Rocky Hill was part of Wethersfield, the neighboring town to the north, until it was indepedently incorporated in 1849. , a Group franchise which specializes in risk transfer and funding mechanisms including captives, deductibles, self insured retentions, pools, risk retention groups and trusts. Group Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dennis Purkiss commented that the acquisition "is an exciting development which significantly increases our ability to respond to the risk management needs of our clients in the United States." Closing of the transaction is dependent upon receipt of insurance regulatory approvals and completion of certain closing conditions expected in June 2001. The Alea Group is controlled by Alea Group Holdings AG in Baar, Switzerland which was organized in 1997 by management and an affiliate of Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. 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, New York, Norwalk, Singapore, Stockholm, Sydney, Toronto, Tokyo and Tunis. |
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