LONDON (Bloomberg) - Alea Group Holdings Ltd., the Bermuda-based reinsurer closed to new business, said CEO Mark Cloutier will leave next year.

Mr. Cloutier, who took over the role in September 2006, will step down on March 31, 2010 "to pursue other interests", Alea said on Friday in a statement. Spokesman Robert Bailhache did not immediately return a call seeking comment.

Alea, controlled by the New York buyout firm Fortress Investment Group LLC, is in the process of winding down its insurance businesses following record storm losses in 2005. The insurer's liabilities on insurance contracts last year declined 23 percent to $1.2 billion.

Kirk Lusk, previously the insurer's chief financial officer and chief operating officer, left in March 2008.