Alea Group Holdings Ltd., a Bermuda-based company now closed to new business, said on Friday that Mark Cloutier would take over as chief executive for current CEO Mark Ricciardelli who is stepping down following the successful transition into run-off.

Mr. Ricciardelli, who has led Alea since June 2004, will step down from the Board of Directors with effect from August 31, 2006, to pursue other interests.

Mr. Cloutier, who has over 30 years? experience within the reinsurance and run-off industry, and was most recently president and CEO, OP Re will take over the post of president and CEO on September 1 subject to immigration approval.

He has also been appointed executive director of Alea alongside Kirk Lusk who will continue in his role as chief operating officer and chief financial officer.

Alea went into runoff late last year after suffering rating agency downgrades due to a series of poor results. The company posted a loss of $178.9 million in 2005.

Last month the company entered into a definitive agreement to sell Alea North America Specialty Insurance Company, its US based excess and surplus lines company.

?Since reaching this decision [to place Alea in run-off, Mark Ricciardelli has done an excellent job of leading the restructuring and repositioning of the organisation from a going concern into run-off,? said John Reeve, non-executive Chairman of Alea in a statement.

?We anticipate a seamless transition and are delighted with the partnership of Kirk Lusk and Mark Cloutier as we believe the combination of Mark?s wealth of run off experience and Kirk?s strong financial skills and institutional knowledge will be very effective in leading the Group in its current run-off strategy.?

All proposed shareholder resolutions were passed at its Alea?s annual general meeting held in Bermuda last week. While management?s primary focus is on executing the run-off strategy, Mr. Ricciardelli said they continue to explore sale options for all or certain parts of the Group.

?There can be no guarantee that any transaction will take place or that a sale of the Group would be at a premium to the current market price.

?The conversion of the organisation from a going concern to run-off is now materially complete. Alea?s run-off plan is on track, as commutations, headcount and expenses are running as expected,? he said.