LONDON (Reuters) ? London-listed reinsurer Alea reported an 80-percent drop in pre-tax profits, defying expectations of a loss, and said its finance director had resigned, the fourth senior manager to go in ten months.

Profits before tax fell to $10.9 million last year from $54.5 million in 2003. The consensus forecast given by analysts was for a loss of $7.6 million, with estimates ranging between a loss of $22 million and a profit of $9 million.

The group said it was recommending a total dividend of $0.10 per share.

The profits fall was due to Alea having to fill a $72.5 million gap in its claims reserves but there was also a lower than expected $51.4 million in claims from the string of hurricanes that wreaked havoc across the Caribbean and southeastern United States last autumn. Its original estimate for the storm losses was $55 million.

The Bermuda-based group said in January it might have to set aside up to $80 million to fill the reserve hole from five accounts in the United States, principally for professional liability exposures that are no longer written.

Chief Executive Mark Ricciardelli told Reuters that last year?s reserve review was a one-off event and Amanda Atkins? departure as chief financial officer reflected the new stage the company was at and the parting had been on amicable terms.

?Alea enters 2005 stronger and more able to capitalise on market opportunities,? said Ricciardelli, adding that the group was targeting a combined ratio range in the mid-90s for 2005.

Alea?s combined ratio, a key measure of underwriting profitability, deteriorated to 104.2 percent last year, compared with 96.8 percent in 2003. A figure below 100 indicates a profit.