Alea Car Insurance Review 
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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UPDATED: Jan 25, 2021
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- 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.
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