Company says it has repaid outstanding bank loans
Reinsurer Alea has said it paid off 20% of its liabilities last year, the group said in a statement.
During 2007, Alea's Insurance contracts liabilities fell from $1.942bn to $1.55bn.
The company said it had paid off all its outstanding loans, while trimming its staff by over a quarter from 137 to 105.
Alea was placed into run-off in April 2006 after posting losses of $179m the previous year following a massive hit from hurricane Katrina.
In 2006, it losses fell to $0.8m, as net premiums fell by 75 per cent to $216m.
The company was bought by private equity group, Fortress, in June last year for a fee in the region of $300m.
