Trenwick Finalizes Agreement With Lloyd’s Letter of Credit Providers

December 25, 2002

Bermuda-based Trenwick Group Ltd. announced that it has entered into definitive final agreements with its Lloyd’s letter of credit providers with respect to the renewal of $182 million of letters of credit supporting Trenwick’s Lloyd’s underwriting operations.

With additional capital provided by Trenwick and National Indemnity Company, Trenwick’s anticipated Lloyd’s underwriting capacity for 2003 is up to $500 million.

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