AM Best has downgraded the debt rating of Trenwick Group's US holding company, Trenwick America Corporation, to 'D' from 'C'. The move means the insurer has defaulted on the repayment of $75m (£47.8m) of debts.
The move relates to Trenwick's $75m (£47.8m) senior notes debt. The rating provides an opinion on the insurer's ability to meet its financial obligations to its creditors.
These rating actions follow Trenwick's recent announcement that it defaulted on its senior notes debt arrangement.
Trenwick is in negotiations with the debt holders to extend the maturity date until 1 August, 2003.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
