Bermuda reinsurer Alea Group Holdings said today its ratings from A.M. Best Co. have been placed under review for a possible downgrade because of capitalization and loss-reserve concerns.
Separately, the reinsurer also announced it received a subpoena from the U.S. Securities and Exchange Commission relating to non-traditional finite insurance products.
The Oldwick, N.J.-based A.M. Best Co. has placed its "A-minus" financial strength rating and the "a-minus" issuer credit rating for Alea's operating units under review with "negative" implications.
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