Bermuda-based Alea Group Holdings (Bermuda) Ltd. has seen an improvement in the value of its US mortgage-backed securities investments this year.

In its interim report for the year to date, the company, which is in run off, said insurance and reinsurance claims had been in line with expectations.

"During the period, the group experienced an improvement in the valuations of its non-agency US mortgage-backed securities, consistent with overall market conditions," Alea said in a statement.

"As of the date of this statement, ratings and valuations of the group's non-agency US mortgage-backed securities have not required any change in the group's buy and hold strategy."

Last week, Alea announced the appointment of of Jeffrey Rosenthal as an executive director of Alea and Mark Cloutier as non-executive director.