Trenwick Group, Ltd.(fka TWKGQ)

[lifegear]

what happened to this commission agreement?

http://www.insurancejournal.com/news/international/2002/05/17/16239.htm

Endurance will acquire LaSalle, also based in Bermuda, through a 100% quota share reinsurance agreement, with Endurance paying Trenwick a ceding commission of 25% and additional profit sharing of 50% if losses do not exceed a 45% loss ratio. Endurance will have the right to renew LaSalle's in-force business as it expires in exchange for a 12.5% commission on the business renewed.

LaSalle had $133 million of premiums in force in 2001, and as of April 1, 2002, it had approximately $60 million in net unearned premium reserves. 20 LaSalle employees have been offered positions at Endurance, potentially bringing its Bermuda-based staff to over 60.

Under the terms of the agreement, Endurance will assume 100% of in force property catastrophe business of LaSalle Re as of April 1, 2002, but will not take on any past liabilities from LaSalle Re.