Replies to post #7437 on Trenwick Group, Ltd.(fka TWKGQ)

[marliz]

HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 6, 2002

Trenwick Group Ltd. (NYSE: TWK)("Trenwick") today announced that European Reinsurance Company of Zurich, a subsidiary of Swiss Reinsurance Company, purchased 550,000 of Trenwick's Series B Cumulative Convertible Perpetual Preferred Shares with a liquidation preference of $100 per share for an aggregate purchase price of $40 million.


The purchase was made pursuant to a Second Amended and Restated Catastrophe Equity Securities Issuance Option Agreement between European Re and Trenwick. Concurrently with the purchase of the preferred shares Trenwick and European Re agreed to terminate the pending arbitration proceedings, increase the dividend rate applicable to the preferred shares by 2.0% and reduce the restrictions on European Re's ability to transfer the preferred shares from three years to six months. The preferred shares are convertible after five years into Trenwick's common shares at the higher of Trenwick's book value or common share market value at the time of conversion.

[lifegear]

if Trenwick still can't say anything about it, I doubt it that Euro Re will talk