Alea Group Holdings (Bermuda) Ltd. has seen its total operating capital rise to $500 million, after receiving $250 million in new capital.

The company announced the new capital is the result of a strategic capital enhancement programme and includes a previously announced investment from Kohlberg Kravis Roberts (KKR), as well as additional institutional financing.

KKR's Perry Golkin said: "We and our co-investors are very excited about Alea's prospects. This phase of the capital enhancement programme has been successful and we intend to continue supporting the company so that it can meet the risk management needs of its clients. We have talented and experienced professionals in every major market and we have the infrastructure in place to quickly respond to those clients and prospects."

Dennis Purkiss, chairman and chief executive officer of Alea said: "We appreciate the confidence and support of KKR and our other investors. We have been building the group over the last several years and we stand ready to meet our clients' needs. This is an extraordinarily challenging time for our industry and we can meet that challenge."

Hand-in-hand with the new capital injection, the company has set up Alea Group Holdings (Bermuda) Ltd, as a holding company for the Alea Group.

The Alea Group was organised in 1997 by management and an affiliate of KKR to pursue targeted growth and acquisition opportunities in the insurance and reinsurance industry.

The Alea Group also has offices in Bahrain, Basel, Jersey, Kuala Lumpur, London, New York, Norwalk, Rocky Hill, Singapore, Stockholm, Sydney, Toronto, Tokyo and Tunis.