Trenwick Group, the Bermuda-based specialty insurance and reinsurance organisation, has announced that it and its affiliates, LaSalle Re Holdings and Trenwick America Corporation, have filed for protection under Chapter 11 of the US Bankruptcy Code with the US Bankruptcy Court for the District of Delaware.
Trenwick Group, the Bermuda-based specialty insurance and reinsurance organisation, has announced that it and its affiliates, LaSalle Re Holdings and Trenwick America Corporation, have filed for protection under Chapter 11 of the US Bankruptcy Code.
The action was filed with the US Bankruptcy Court for the District of Delaware.
The move is part of the group's previously announced restructuring and is in accordance with its letter of intent with creditors of 6 August.
Trenwick and LaSalle Re Holdings are currently also filing proceedings in the Supreme Court of Bermuda, as part of the restructuring and in accordance with the letter of intent.
Trenwick's insurance company subsidiaries, Trenwick America Reinsurance Corporation, The Insurance Corporation of New York, Dakota Specialty Insurance Company and LaSalle Re Ltd, all in runoff, and its Lloyd's operations, are not subject to either the bankruptcy proceedings or the Bermuda proceedings and their operations continue.
