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.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 20, 2001 Alea Group Holdings (Bermuda) Ltd. announced today that it has received US$250 million of new capital, increasing Alea Group's total operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets 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 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. (KKR KKR Korringa-Kohn-Rostoker (method) KKR Kohlberg, Kravis & Roberts & Co. KKR Kalkara (postal locality, Malta) KKR Kramers-Kronig Relations KKR Komarappa Gounder Ramalingam (hospital in India) ) 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 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. industry. The Alea Group has offices in Bahrain, Basel, Bermuda, Jersey, Kuala Lumpur Kuala Lumpur (kwä`lə l  m`pr), city (1990 est. pop. , London, New York New York, state, United StatesNew 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 , Norwalk, Rocky Hill, Singapore, Stockholm, Sydney, Toronto, Tokyo and Tunis. |
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