Trenwick Group has reported a net loss of $198.1m (£124.3m)for the fourth quarter of 2002.
Trenwick Group has reported a net loss of $198.1m (£124.3m) for the fourth quarter of 2002.
The loss compared to a $26.4m (£16.3m) loss for the fourth quarter of 2001.
Trenwick said the worsening of its performance was largely due to the $106.6m (£66m) increase in loss reserves related asbestos reserves last year.
Acting chairman Marston Becker, said: "Trenwick has moved aggressively these last two quarters to ensure our balance sheet appropriately reflects ongoing actuarial developments within the company and the industry."
He said the company had moved to provide a going forward operating opportunity for its North American reinsurance business and its Lloyd's business.
He added that Trenwick would move into an orderly run-off of its remaining insurance businesses at Canterbury and Trenwick International as well as reflect the accompanying costs of the run-off.
"Trenwick's outlook going forward remains fluid, as we work to restructure our outstanding senior indebtedness prior to its1 April 2003 maturity."
