Bermuda-based Trenwick Group Ltd. announced that its letter of credit providers have extended the current forbearance agreement until December 6, 2002, while the company continues its discussions with them for the renewal for an additional year of its existing $226 million letter of credit facility in support of its Lloyds’ operations.
Although no final terms have been reached, the extension of the forbearance agreement, which has been in effect since Nov. 14, is a hopeful sign that the company will be able to continue operating at Lloyd’s.
The company also announced that Lloyd’s had decided to permit Trenwick to delay its funding for the 2003 year of account for a short time beyond the November 22, 2002.
Was this article valuable?
Here are more articles you may enjoy.
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
