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.
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