Trenwick's share price tumbled after it announced losses seven times greater in the fourth quarter of 2002 than the year before.
The US stock fell 9 cents or 18.75% on 21 February after Trenwick revealed losses of $198.1m (£125.7m) in the fourth quarter. It lost $26.4m (£16.4m) in the fourth quarter of 2001. It slid another 7.7% on Monday and on Tuesday it was at 36 cents.
The greatest factors in the loss were a $106.6m (£67.6m) charge to increase reserves and a $95.7m (£60.4m) charge to set up an allowance against fears that Trenwick may not get tax benefits from past losses in the UK.
Its gross written premium in the fourth quarter was $277.1m (£176m), down from $391.5m (£247.4m) in the period before.
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.
