Trenwick Group Ltd. announced that it has entered into an agreement with Berkshire Hathaway to increase the total premium capacity of Trenwick Managing Agents’ Syndicate 839 at Lloyd’s for the 2002 year of account to $512 million.
Berkshire Hathaway, the parent of General Re, is the Omaha-based investment company headed by Warren Buffett. It has agreed to provide $93 million to increase Syndicate 839′s Lloyd’s underwriting capacity through additional Lloyd’s funding, and will also support an additional $119 million increase in capacity via a “qualifying quota share reinsurance facility. ” The bulletin indicated that both “These arrangements have been approved by Lloyd’s.”
Michael Watson, Chairman of Trenwick Managing Agents, stated that he was “delighted that Berkshire Hathaway has agreed to support the Trenwick team at Lloyd’s. It enables us to underwrite more business in 2002 and benefit from the continuing favorable market conditions at Lloyd’s.”
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