Exhibit 99.3
Trenwick Group Ltd. LOM Building Tel 441.292.4985
27 Reid Street Fax 441.292.4878
Hamilton HM 11
Bermuda
TRENWICK
NYSE Symbol: TWK
Contact: Alan L. Hunte, Executive Vice President
and Chief Financial Officer - 441-298-8082
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For Immediate Release
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Trenwick Announces Suspension of Preferred Share Dividends
Hamilton, Bermuda, November 29, 2002 . . .
Trenwick Group Ltd. ("Trenwick") announced today that, in accordance with the
terms of Trenwick's current credit facility and forbearance agreement with its
letter of credit providers, Trenwick has elected to suspend, with immediate
effect and for an indefinite period, dividends or distributions payable on the
outstanding Trenwick Group Ltd. Series B Cumulative Convertible Perpetual
Preferred Shares, LaSalle Re Holdings Limited's Series A Preferred Shares and
Trenwick Capital Trust I 8.82% Exchange Subordinated Capital Income Securities .
The suspension on the payment of dividends on LaSalle Re Holdings Limited's
includes a suspension of the dividend payable on December 2, 2002 to holders of
record on October 31, 2002.
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-based
operations.