Alea Car Insurance Review [2020]

Alea car insurance is no longer offered, as Alea has ceased operation and is selling its business contracts. Alea car insurance was headquartered in Hamilton, Bermuda.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 25, 2021

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Company Details
Address: 5 Batterson Park Rd. 3rd Floor
City: Farmington
State: CT
ZIP Code: 06032
Phone Number: 860-773-3438
Year Founded: 2001
Company Rating 0 (0 reviews)

Here's what you need to know...

  • Alea once held many car insurance, homeowners insurance, and other types of policies for businesses and individuals but has sold the majority of them to Catalina Holdings Ltd
  • At this point in time, it is unknown if Alea will regain its financial stability but for now, Catalina is handling the redistribution of their polices

Alea, formally headquartered in Hamilton, Bermuda, has been selling its property and casualty business contracts for almost two years.

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Catalina is also headquartered in Bermuda and specializes in taking contracts from companies that are writing off the contracts they hold.

Catalina only purchases contracts for non-life insurance such as car insurance, homeowners insurance, and business insurance contracts.

After they purchase these contracts, they sell them to new companies as reinsurance.

If a company is struggling and isn’t sure that running off the company is the right choice, Catalina will look at the company’s portfolio and access the overall financial state of the company.

The following options are offered by Catalina:

  • buying all the policies outright
  • doing a co-venture until the original company is back on its feet
  • customizing another type of profit sharing situation

Though based in Bermuda, Catalina is able to acquire insurance companies in the United States, the United Kingdom, mainland Europe, the Middle East, and the Far East as well. This includes Australia, Singapore, and Hong Kong.

This large market base is what gives Catalina a strong financial backing from many financial institutions around the world.

If you are seeking car insurance reviews because you need coverage, you may opt to use an online rate quote tool.

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