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Trenwick Group Ltd. (TWK) Message Board

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  • cigarbat cigarbat Dec 5, 2002 2:19 PM Flag

    Worst case senario?

    Obviously you people don't know anything about Insurance.

    Their 3rd quarter financial was hit for $100 MILLION DOLLARS in under reserved claims (pending accidents to be paid) for the past THREE YEARS (1997-2000).

    They under reserved in error or to make themselves look profitable for past Three years.

    This is only the tip of the iceberg.

    They are still checking to see how much MORE they are under, but won't know for another 60 days (it could easily be another $100-$500 Million) for past FIVE YEARS.

    A (US) insurance company can't go bankrupt. They and ALL OF THEIR ASSETS are seized by the State dept of Insurance.

    No assets are returned to the original company.

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    • interesting negativity.... but.... they are a Bermuda insurance company how does that factor into US seizure? and they lie on all their financials and they're just now getting caught and you expect some huger lie underneath is essentially what you're saying?

      Well then I'm screwed.... except for the fact I already took profit to cover my initial investment and I can sell the remaining 2/3 at .01 and make a profit..... sometimes being clueless is a good thing, but your educating me is appreciated.

    • CIGAR with all due respect to your expertise and coming to our rescue. Where were you when the stock went to $1.80. Wouldn't you have been of great help to all LONGS at that time? Who is paying you at this moment to get rid of the few weak hands left. If I am going to lose all my investment in this stock - so be it -. TOO late shall be your cry

    • Why haven�t we heard anything about this? Not even in the CC? Are you sur of your info?

    • If Cigarbat knows this is the case - then insiders and institutions know as well. If it was going to .50 on this news it would already be there. - not just hovering with 280,000 shares traded but more like 20 million.
      I respect the knowledge though and it confirms there is probably more value in the company that these institutions and insiders are holding on for - so I'll hold on with them

    • I would still like to hear some more from you. So they are "still checking" or the rest of the iceberg? How do you know, exactly?

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