Insurance Corp. purchases Alea subsidiary

HAMILTON, Bermuda--Alea Group Holdings Ltd. has completed the sale of its Delaware-based excess and surplus lines subsidiary to Insurance Corp. of Hannover.

Alea, which is in runoff, said it received $34.6 million (€27.2 million) in cash for Alea North America Insurance Co.

Insurance Corp. of Hannover is a member of the Praetorian Financial Group Inc.