ALEA FLOTATION TO TAKE PLACE THIS MONTH SAYS FT

US private equity firm Kohlberg Kravis Roberts plans to float Bermudian insurer Alea later this month with an estimated market capitalisation of £500m, according to the UK Financial Times . The flotation, which is likely to take place in London rather than New York, is expected to raise about £165m for the company, which will be used to fund internal growth. KKR will see its current 60% stake diluted to about 40% as a result of the move. Although based in Bermuda, Alea, which has its historic and geographical roots in Switzerland-based Rhine Re, employs only 12 people on the Atlantic island. Of its other 362 staff, 170 are employed in London and a similar number are in North America. There is a small separate office in Switzerland.