Bermuda’s Trenwick Group Ltd. announced that it has revised its overall loss estimates from the September 11 terrorist attacks from $50-$75 million to $100 million net of reinsurance recoveries.
“On an after tax basis, the estimated loss represents a $2.61 per share reduction of Trenwick’s book value, which was $614 million, or $16.65 per share, at June 30, 2001 and a 10% reduction of Trenwick’s consolidated statutory surplus, which was $986 million at June 30, 2001. Trenwick’s revised estimate is based on an industry loss estimate of $35 to $40 billion, ” said the announcement.
Speaking at the Bermuda Angle Conference , James F. Billet, Jr., Trenwick’s President and CEO, said that while the company’s loss exposure was significant it is “entirely manageable,” with equity loss exposure of less than one percent, and 90 percent of its fixed income investments rated “A” or better.
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