Alea Group Names Mark L. Ricciardelli President and Chief Operating Officer LONDON, March 23, 2004 (PRIMEZONE) -- Alea Group Holdings (Bermuda) Ltd. (Alea Group), the global reinsurance and specialty insurance company, announced today that it has named Mark L. Ricciardelli as Group President and Chief Operating Officer, effective immediately.Mr. Ricciardelli was most recently President and Chief Executive Officer, Global Casualty, for General Electric's Employers Reinsurance Corporation (GE ERC). ' We are delighted to welcome Mark to Alea, ' said Dennis Purkiss, Chief Executive Officer of Alea Group. ' Mark brings over 28 years of insurance-reinsurance experience to his new role, the last fifteen spent with GE, principally in its Employers Reinsurance Corporation unit.
...' As President and COO, Mark will have responsibility for implementing strategies that drive top and bottom line growth for the Company, ' said Perry Golkin, an Alea board member and a member of Kohlberg Kravis Roberts & Co., an affiliate of which is Alea's largest shareholder. ' His diverse career in the reinsurance industry has provided him with a remarkably well balanced knowledge of all aspects of the business, particularly in such areas as underwriting, financial and operational management, marketing and client relations. '
...As President and Chief Operating Officer, Mr. Ricciardelli will have oversight for Alea Group's operating units.He
will be based in Alea Group's offices in Connecticut, where Alea North America is headquartered.Mr. Ricciardelli
family reside in Avon, Connecticut. Mr. Ricciardelli, 51, joins Alea after serving as President and Chief Executive Officer, Global Casualty, of General Electric's Employers Reinsurance Corporation (GE ERC).Mr. Ricciardelli
, in his
most recent position for GE ERC
, designed and built the organisational structure of the Global Casualty
P& L. He
established a new leadership team and the global product strategy for casualty for all ERC group companies.Mr. Ricciardelli's
initiatives have resulted in significantly reduced portfolio volatility and dramatically improved portfolio transparency and financial performance. From 2001 through 2002, Mr. Ricciardelli was Senior Vice President - Facultative P& C Reinsurance North America at ERC, where he led the restructuring of underwriting and marketing for this operation.From 1997 through 2001, he was President and Chief Executive of ERC Asia Pacific Pte Ltd, based in Singapore.Mr. Ricciardelli
was responsible for the Life, Non Life and Business Development activities in the Asia Pacific Region.Prior to this, he served for a year as Senior Vice President with GE Capital's Equity Capital Group in Stamford.He began his tenure at GE as manager of the GE ERC New York Branch from 1989 through 1995. Mr. Ricciardelli started his career in insurance with Travelers Insurance Company in 1976.In 1978, he moved to the Swiss Re-North American Re group of companies where, over eleven years, he held positions of increasing underwriting and leadership responsibility and ultimately served as Vice President, Director of Marketing and a member of the Executive Committee for Western Atlantic Re.