Exhibit 99.2
Trenwick Group Ltd. The LOM Building Tel 441.292.4985
27 Reid Street Fax 441.292.4878
Hamilton HM 11
Bermuda
[TRENWICK LOGO]
NYSE Symbol: TWK
Contact: Alan L. Hunte, Executive Vice President
and Chief Financial Officer - 441.292.4985
Michael Watson, Chairman, Trenwick
Managing Agents - 44.207.369.3000
- --------------------------------------------------------------------------------
For Immediate Release
- --------------------------------------------------------------------------------
Trenwick Managing Agents Enters Into Agreement With
Berkshire Hathaway for 2003 Capacity at Lloyd's
Hamilton Bermuda, November 4, 2002...
Trenwick Group Ltd. ("Trenwick") announced today that National Indemnity
Company, a member of the Berkshire Hathaway group of insurance companies, has
agreed to provide to Trenwick's Lloyd's Syndicate 839 (pound)100 million for the
2003 year of account, an increase from (pound)62.5 million provided to Syndicate
839 for the 2002 year of account. In addition, Berkshire Hathaway has agreed to
provide a qualifying quota share reinsurance facility of (pound)30 million to
Syndicate 839 for the 2003 year of account. The capital shall be applied to the
aviation insurance segment of Syndicate 839's business.
W. Marston Becker, Acting Chairman and Acting Chief Executive Officer, stated,
"I am pleased that Berkshire Hathaway has agreed to support Trenwick's Lloyd's
aviation underwriting in 2003. We consider Berkshire Hathaway's support a
critical element in our continuing effort to secure the capital support
necessary for the operation of Syndicate 839 in 2003."
Michael Watson, Chairman of Trenwick Managing Agents, said, "I am delighted that
Berkshire Hathaway has again agreed to be our business partner for 2003. We
believe that market conditions in Syndicate 839's lines of business will
continue to be favorable next year and Berkshire Hathaway's capacity ensures
that we can offer continuity for our clients in 2003."
Background Information
Trenwick is a Bermuda-based specialty insurance and reinsurance underwriting
organization with two principal businesses operating through its subsidiaries
located in the United States, the United Kingdom and Bermuda. Trenwick's
reinsurance business provides treaty reinsurance to insurers of property and
casualty risks from offices in the United States and Bermuda. Trenwick's
international operations underwrite specialty insurance as well as treaty and
facultative reinsurance on a worldwide basis through its London insurer and at
Lloyd's.
Safe Harbor for Forward-Looking Statements
Certain statements made in this press release that are not based on current or
historical fact are forward-looking in nature including, without limitation,
statements containing words "believes," "anticipates," "plans," "projects,"
"intends," "expects," "estimates," "predicts," and words of similar import. Such
forward-looking statements, including in particular Trenwick's forecast of
future earnings, involve known and unknown risks, assumptions, uncertainties,
and other factors that may cause actual results, performance, or achievements of
Trenwick or its industry to differ materially from any future results,
performance, or achievements expressed or implied by such forward-looking
statements.
Trenwick has identified certain risk factors which could cause actual plans or
results to differ substantially from those included in any forward-looking
statements. These risk factors are discussed in Trenwick's Securities and
Exchange Commission filings, including but not limited to its most recent Form
10-K, Form 10-Q and Form 8-K filed with the Securities and Exchange Commission,
and such discussions regarding risk factors are hereby incorporated by reference
into this press release. Copies of such Securities and Exchange Commission
filings are available from Trenwick or directly from the Securities and Exchange
Commission.
* * *