Bermuda-registered insurer Alea Group Holdings turned an after-tax profit of $55.6 million in 2002, reversing a loss of $22.2 million.

Alea, which has its operating headquarters in Wilton, Connecticut, said written premiums grew by 118 percent to $708.2 million ($931.6 million gross) and the Group recorded a total after tax profit of $56.2m including realised and unrealised gains.

Total assets grew by 17 percent to $2.7 billion compared to $2.34 billion a year earlier.

The group has seven licensed insurance companies which provide an unusual breadth of licensed entities. Each of these entities was profitable in 2002. Each has a Group rating of A- from A.M. Best and Standard and Poor's.

During 2002 Standard and Poor's changed the rating outlook to stable, a position which has continued while many of our competitors suffered rating downgrades. Dennis Purkiss, chairman and group CEO, said: "I am very pleased with the continued progress of the Group. "The work we have put in during the last three years bore fruit as we delivered a healthy profit. We have licensed operating entities in all key markets, over 370 professional staff, de minimis asbestos and environmental exposure with a sound well protected balance sheet and a very solid renewal book from which to continue our growth.