LCL Acquisitions, part of Litigation Control Group, is to acquire Trenwick International, the London-based subsidiary of Bermuda-based re/insurance group Trenwick. The terms of the acquisition have not yet been disclosed.
LCL Acquisitions, part of Litigation Control Group, is to acquire Trenwick International, the London-based subsidiary of Bermuda-based re/insurance group Trenwick.
The terms of the acquisition have not yet been disclosed
Trenwick International, like many of the Trenwick group's non-Lloyd's operations, is currently in run-off. LCL will take over the management of TI's run-off for an initial period of five years.
"This transaction marks a significant milestone in the development of the LCL Group," said Philip Holden, director of the LCL Group.
"I am delighted that we have been able to reach agreement for this acquisition and obtain FSA approval for the change of control, which will ensure the effective and orderly administration of the company's affairs using the established skills and professionalism of the LCL Group of companies."
Trenwick Management Services, TI's international service company, will work as part of the LCL team to deal with the run-off.
The announcement follows news earlier today that Trenwick and its affiliates, LaSalle Re Holdings and Trenwick America Corporation, have filed for protection under Chapter 11 of the US Bankruptcy Code. Trenwick's Lloyd's operations are unaffected by the filing.
