Trenwick International has reported a pre-tax loss of £8.6m for 2000, a decrease of £10.8m pre-tax compared to the previous year.
Gross premium income rose by £51.8m to £157.1m and prior underwriting reserves were strengthened, resulting in an increase in retained loss ratio from 73% to 81% in 2000.
The Bermuda-based insurance and reinsurance specialist also saw a reduction in its general expense ratio, down from 14.3% to 11.8% during the year.
Last July, Trenwick's support staff were relocated to the offices of Chartwell Managing Agents, its subsidiary company. Its former premises in Eastcheap have subsequently been re-let.
Managing director Pierre Croizat said: “Underwriting conditions in 2000 were challenging. We responded by expanding our profitable business but cutting back in certain lines and re-organising our underwriting team where performance was failing to meet our expectations.”
He said the results reflected underperfomance and the need to further strengthen reserves for claims.
Trenwick underwrites non-US specialty insurance and treaty and facultative insurance on a worldwide basis.
In September last year, its former parent company Trenwick Group merged with Lasalle Re of Bermuda.
