Alea Group Holdings (Bermuda) Ltd has announced that its subsidiary, Alea North America Insurance Company, has completed the sale of its Delaware excess and surplus lines carrier, Alea North America Specialty Insurance Company ('ANASIC') to Insurance Corporation of Hannover, a member company of Praetorian Financial Group, Inc. (“'Praetorian”).

On completion, the group received $34.6 million in cash. Any realised gain from the sale will be accounted for in the group's consolidated income statement for the year ending December 31st 2006, said the company.