Michael Watson, Chairman and Chief Executive Officer of Trenwick Managing Agents Limited, said, "I am delighted that we are able to confirm our plans for 2003. Trenwick's Lloyd's capacity in 2003 will allow it the flexibility to develop its business next year and participate further in market conditions which we believe will continue to be very favorable."
Trenwick also announced today that it has hired Greenhill & Co, LLC as its financial advisor. Greenhill & Co., a recognized leader in providing advisory services in financial restructuring transactions, has been hired by Trenwick to assist it in evaluating and implementing a restructuring of its outstanding indebtedness and preferred equity.
Trenwick also announced today that Trenwick International Limited, its specialty London market insurance company, has ceased to underwrite new business. Trenwick will continue to administer and pay claims in connection with the insurance policies previously underwritten by Trenwick International Limited. Trenwick will record a charge in the fourth quarter of 2002 for the expenses it expects to incur in connection with the termination of Trenwick International Limited's underwriting business.
W. Marston Becker, Acting Chairman and Acting Chief Executive Officer of Trenwick, stated, "These actions represent significant steps in the right direction for Trenwick. The $182 million of letter of credit and continued support from National Indemnity Company, Berkshire Hathaway's affiliate, for Trenwick's Lloyd's underwriting operation allows us to continue to support those portions of our business which we believe will produce the best results for our policyholders, creditors and shareholders."