Alea Group Holdings (Bermuda) Ltd. is bucking the trend of companies leaving Bermuda after redomiciling its Swiss subsidiary Alea Europe Ltd. on the Island.

The group announced the move yesterday, which will also see the subsidiary merged into Alea (Bermuda) Ltd., following approval from the Bermuda Monetary Authority (BMA), the Bermuda Registrar of Companies (ROC) and the Swiss Financial Market Authority (FINMA).

But Alea will still maintain a presence in Switzerland and will provide claims handling services for the reinsurance reserves previously held by Alea Europe.

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.

Mark Cloutier, CEO of Alea Group Holdings (Bermuda), said: "The consolidation of Alea Europe Ltd. into Bermuda represents an opportunity to further streamline the group's operations and should be viewed as the next logical step in our continuing efforts to more efficiently manage the group's capital."