Trenwick puts London company into run-off

Mixed news for Bermudian reinsurance group Trenwick. It has secured in principle agreement that its letter of credit (LOC) providers would renew US$182.5mn of capital supporting the group’s operations at Lloyd’s, although the support is down in total from US$230mn. Worse still, Trenwick has had to put its UK company market operation, Trenwick International, into run-off .