Troubled Bermudian insurer Trenwick has been warned its share price must increase to $1 within six months or its shares will be suspended and de-listed.
The New York stock exchange (NYSE) issued the deadline as Trenwick's share price dropped below the $1 average it requires of NYSE shares.
It also warned the specialty (re)insurer that it might also review the listing status of Trenwick's Bermuda-based subsidiary, LaSalle Re Holdings.
Meanwhile, AM Best has warned Trenwick that failure to reach agreement by 1 March with its creditors over a $75m (£47.2m) debt will put Trenwick into default of its letter of credit facility, which supports its Lloyd's operation.
Last week Trenwick revealed a $386.1m (£243m) net loss in 2002, compared with a $154.4m (£97.3m) net loss in 2002. The fourth quarter 2002 net loss of $198.1m (£124m) was far higher than the $26.4m (£16.4m) loss a year before.
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.
