Alea Group 1H Loss Widens On MBS Writedowns
Alea Group's (ALEA) first-half loss widened 11%, hurt by a $50.6m loss from non-agency mortgage-backed securities. The Bermuda-based insurance holding company reported a loss of $50.1m, or 29 cents a share, for the six months ended June 30. The year-earlier loss was $44.7m, or 26 cents a share. The company lowered expenses during the period to $18.2m from $42.9m a year earlier. And officials said the company's focus during the second half of this year will be "on keeping operating expenses and finance costs in line" with investment income, most of which is derived from MBS. On April 1, Jeffrey Rosenthal replaced Mark Cloutier as president and chief executive. Write to Jason Philyaw.