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Trenwick Group Ltd. (TWK) Message Board

  • cigarbat cigarbat Dec 30, 2002 5:45 PM Flag

    My two cents:

    He's really a great guy, we chatted about various industry things, laugh a little etc. He's easy to talk with, difficult to get him to get specific on only a FEW items, all other items, he'll go into as much detail as you want.

    He really is helpful but guarded on giving it up on 4Q #'s and of course any add'l claims reserves.

    One BIG clarification was on the LOC. As some of us surmised, it is only at risk in the Lloyds Company (synd). If TWK went down tomorrow, the creditors/receiver has no ability to grab the LOC. Unless, the Lloyds BIz goes south next year, which is highly unlikely.

    Which would probably follow suit for Mr Warren Buffet, he's (I think) only dealing with the Lloyds subsidiary.

    The WTC is a non issue as far as "doubling" their loss on an advers court deceision. (Your out of the woods on that one Grinch)

    The rest of it? IN MY OPINION, I think Mr. Hunte thinks theres more rain to fall. Although I never detected any desperation or rationalization from him, even when we were chit chatting.

    Generally, people will be defensive when things aren't going well. I didn't detect that with him (either he's real good or ?)

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    • thanks for everything....

      awesome read!!!!

      gotta be the best research of
      any company I've seen on the boards...

      anyway you slice it....500 mill
      from Lloyds for 2003 is a huge
      positive-no 2nd tower exposer.

      I don't know whos listening,
      but stock firmed up during your
      interday post.....

      you asked the questions we all wanted answered

      I Got 20,000 now
      5k .82
      8k .74
      7k .71

      would love to see solid strength
      to pull the trigger on 20 more k.

      People keep pointing to BGY as to
      where this is going....that situation
      is sooo complex, this is much cleaner
      and simpler....and way more potential.

      lets hope this has been just a big
      head fake....shaking the traders
      out of thier postions.

      guess time will tell....
      personally-would love to get
      15k more at $.69-then sell the .82/5k(cost)

      then let it run....but who can say.

    • cigar:

      Interesting exchange. Going back to the reincorporating in Deleware, his response is defensible in that the L/C agreement did not say that they would be reincorporating, only that nothing in the agreement would prevent them from doing so. But if you check the L/C agreement that tidbit is mentioned twice and guess who signed the agreement?..right. Hunte. Perhaps I should have given you more bkgrd on the genesis of the question. However, for now his answer serves.

      I thought the comment about Mr Becker's conservatism was very telling. Are we to suppose that if Bullit were still there the actuarial study may never have been done.

      Also, your sense that L/C seemed more important to Hunte than the reserve issue was interesting.

      Overall, I would say your talk rachets up the positive side a notch or two, but wouldn't all it a slam dunk. Would you?...Great job as always. It's good to have someone in the biz asking the questions. Did you get a job

      • 1 Reply to jad_333
      • Hi Jad:

        I knew I had read the Delaware thing somewhere myself, but when he answered like he did, I thought maybe it was something we saw a year or more ago, but, your right that it was fairly recent. Anyway, I think his answer eliminates it as a concern.

        My feelings regarding the Mr. Becker comment, at that time, was, he loaded up the wagon on the numbers now, so that he would look like a hero down the road. No one said this, but that was my feeling at that moment.

        On the L/c vs reserve issue, I didn't mean to convey that either seemed more important. I think he did say he wanted to get beyond this (4q).

        Overall, hmmm, I don't like to say this, cause I may mislead someone, but, overall I felt things were going good and the comment of "get beyond 4Q" indicated that this year would be the worse it's going to get. That was my gut feeling at that time.

        As to the Job offer? He said Mr Becker wants to move back to the Chairmans position, and would I move to CT. I asked him what the temp was, and, that ended that (its 72 here today). Heheheh.

    • cigar, i know you are only surmising,but what did you meam by,
      The rest of it? IN MY OPINION, I think Mr. Hunte thinks theres more rain to fall.

      and thankyou for all your sharing.