Beleaguered reinsurer Alea Group Holdings (Bermuda) Ltd. yesterday said its Alea Europe unit has agreed terms for the proposed sale of renewal rights sale to SCOR Group.

The proposal covers Alea Europe?s property and casualty treaty portfolio, which constitutes the majority of Alea Europe?s business.

SCOR will pay Alea a commission equal to 9.5 percent of gross premiums written on renewed reinsurance business of Alea Europe starting next year.

Alea and SCOR estimate that payments to Alea under the proposed sale will be between $10 million and $20 million.

Last week Alea sold its renewal rights for the insurance it writes at Lloyds of London to Canopius Holdings Ltd. for between $8 million and $12 million.