FIN bids for Alea

HAMILTON, Bermuda—Alea Group Holdings (Bermuda) Ltd. announced that FIN Acquisition Ltd. has made an offer for the company.

Alea, which is in runoff, said FIN Acquisition, a unit of New York-based investment firm Fortress Investment Group L.L.C., had made an offer of £0.93 ($1.83) per share for the company.

Earlier this year, Alea's North American specialty business was sold to a unit of Praetorian Financial Group Inc.

Alea posted a $800,000 loss for 2006, compared with a loss of $178.9 million for 2005.