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.

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