Standard & Poor's has affirmed Trenwick Group's 'CCC' counterparty credit and financial strength ratings.
Standard & Poor's (S&P) has affirmed Trenwick Group's 'CCC' counterparty credit and financial strength ratings.
At the same time the ratings agency removed Trenwick Group from CreditWatch.
The ratings reflect S&P's view that Trenwick has weak financial security and is dependent on favourable conditions to meet its commitments.
S&P said Trenwick's operations at Lloyd's, Trenwick Managing Agents (TMA), are the only Trenwick operations that are not effectively in runoff.
Insurance Times reported on 8 May that TMA has until September to find a buyer.
Trenwick's UK operation is understood to have performed well and, as a result, the UK management is keen to preserve the business.
