Alea has revealed that it has agreed to be acquired for £162m

Alea has announced that it has accepted a bid of 93p per share for the company by FIN Acquisition Limited, a company formed at the direction of Fortress Investment Group.

The deal values the company at £163m and represents a form of closure for the struggling reinsurer.

At the same time, Alea announced its full year results for 2006, including a loss after tax of $0.8m (2005: loss after tax of $178.9m).

Net insurance premium revenue was $215.9m, compared with $1,086.7m in 2005, with the reductionreflecting the impact of the group's decision to cease writing new/renewal business and place itsoperations into run-off.

The company further reduced its headcount to 137 as at 31 December 2006, down from 284 as at 31 December 2005.

The group also sold Alea North America Specialty Insurance Company to a member company of Praetorian Financial Group realising a net gain of $ 4.3m.