Exhibit 99.2 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT DISTRICT OF In re: Trenwick America Corporation Case No. 03-12635(MFW) Reporting Period: November 2003 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month. Submit copy of report to any official committee appointed in the case. - ------------------------------------------------------------------------------------------------------------------------ Document Explanation Required Documents Form No. Attached Attached - ------------------------------------------------------------------------------------------------------------------------ Schedule of Cash Receipts and Disbursements MOR-1 Yes Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) Yes Copies of bank statements N/A Cash disbursements journals Yes Statement of Operations MOR-2 Yes Balance Sheet MOR-3 Yes Status of Postpetition Taxes MOR-4 Yes Copies of IRS Form 6123 or payment receipt N/A Copies of tax returns filed during reporting period N/A Summary of Unpaid Postpetition Debts MOR-4 N/A Listing of aged accounts payable N/A Accounts Receivable Reconciliation and Aging MOR-5 Yes Debtor Questionnaire MOR-5 Yes - ------------------------------------------------------------------------------------------------------------------------ I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of of my knowledge and belief. /s/ Alan L. Hunte December 19, 2003 - ------------------------------------------ ------------------------------- Signature of Debtor Date /s/ Alan L. Hunte December 19, 2003 - ------------------------------------------ ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte December 19, 2003 - ------------------------------------------ ----------------------- Signature of Authorized Individual* Date Alan L. Hunte December 19, 2003 - ------------------------------------------ ----------------------- Printed Name of Authorized Individual* Date *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. In re: Trenwick America Corporation Case No. 03-12635 (MFW) Schedule of Cash Receipts & Disbursements Reporting Period November 2003 Bank Accounts Operating Payroll Tax Other ---------------------------------------------------------- Cash - Beg of Month 3,823,627.44 35,331.89 NA -- ---------------------------------------------------------- Receipts: Cash Sales -- -- -- -- Accounts Rec. -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposits 23,017.82 -- -- -- Other 1,413.09 -- -- Fund Transfer ** -- -- -- -- Transfers (Interco) 1,785,593.56 656,717.55 -- -- ---------------------------------------------------------- Total Receipts 1,810,024.47 656,717.55 -- -- ---------------------------------------------------------- Disbursements: Net Payroll -- (451,911.09) -- -- Payroll Taxes -- (204,806.46) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases -- -- -- Insurance -- -- -- -- Administrative (658,839.74) -- -- -- Selling -- -- -- -- Other (4,413.24) -- -- -- Transfers (PR) (656,717.55) -- -- Professional Fees -- -- -- -- Court Costs -- -- -- -- ---------------------------------------------------------- Total Disbursements (1,319,970.53) (656,717.55) -- -- ---------------------------------------------------------- Net Cash Flow 490,053.94 -- -- -- ---------------------------------------------------------- Cash: End of Month 4,313,681.38 35,331.89 -- -- ========================================================== Trenwick America Corporation Bank Reconciliations November 2003 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 4,313,681.38 Payroll: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 35,331.89 Trenwick America Corp. Disbuusements Log (Excludes Interco.) November-03 Wire Date Amount Vendor Name - --------------------- --------------- -------------- 2003-11-14 250.00 IBNR, LLC 2003-11-21 64,311.07 New York Life Benefit Services Co. -------------- 69,564.59 -------------- Check Number Amount Vendor Name - --------------------- --------------- -------------- 107726 90.00 AAC INTERGRATED COMMUNICATIONS 107727 740.45 ADT Security Services, Inc. 107728 31,618.08 Actuarial Risk Solutions 107729 325,000.00 Aon Risk Services, Inc. of Colorado 107730 678.40 Blondie's Treehouse, Inc 107731 2,972.69 CDW Direct, LLC 107732 210.00 CSCPA 107733 246.33 Club Sandwich of Stamford 107734 1,620.56 Crystal Rock Water Company 107735 299.00 DBASE Inc. 107737 357.03 Federal Express Corporation 107738 24.52 G. Neil Companies 107739 9,076.25 Insurance Staffers 107740 51.22 MCI 107741 1,066.76 Marks Bros. Stationers, Inc. 107742 853.45 Network Synergy 107743 290.12 OFFICETEAM 107744 85.86 P. Rogers & Company 107745 7,385.12 Re Systems Group 107746 59.76 Royal Messenger Service 107747 1,750.81 Snet 107748 75.50 ComED 107749 1,129.25 Chiarini,Richard M. 107750 833.25 Damaris Rosado 107752 151.70 Gale,Matthew B. 107753 210.00 CSCPA 107754 902.00 Advanced Solutions, Inc. 107755 509.39 Ceridian Employer Services 107756 1,778.42 Crystal Rock Water Company 107757 3,590.00 Executive Health EXAMS 107758 406.51 Federal Express Corporation 107759 2,088.37 Iron Mountain 107760 728.00 Joyce Van Lines, Inc. 107761 400.00 Liz Sue Bagels 107762 195.00 Mail Delivery Service of Stamford, LLC 107763 160.28 Marks Bros. Stationers, Inc. 107764 2,880.00 New York Life Benefit Services Co. 107765 216.09 PRS Courier Worldwide Inc. 107766 6,300.00 Susan Zicarelli 107767 2,664.38 Temco Service Industries, Inc. 107768 5,025.00 PricewaterhouseCoopers LLP 107769 150.00 St. John's Episcopal Church 107770 3,168.27 Daniels,Gary 107772 2,560.58 Tyler Jr.,Stanlee C. 107774 1,653.73 A.M. Best Company 107775 374.86 AT&T 107776 1,532.35 AT&T 107777 5,500.00 Advanced Solutions, Inc. 107778 54,568.54 Anthem BCBSCT 107779 444.25 BMC Solutions, Inc. 107780 452.62 CCH Incorporated 107781 2,283.77 CDW Direct, LLC 107782 395.00 COMMON -A USERS GROUP 107783 266.81 CPT Group Inc 107784 16,390.20 CYPRESS COMMUNICATIONS 107785 644.36 Connecticut Telephone 107786 8,685.09 Delta Dental 107787 112.50 Eastern Benefit Systems, Inc. 107788 99.85 Executive Charge, Inc. 107789 418.43 Federal Express Corporation 107790 500.00 Federal Reserve Bank of Cleveland 107791 250.00 Freedom Group, Inc. 107792 972.97 IKON Office Solutions 107793 17,688.76 Insurance Staffers 107794 467.88 Ios Capital 107795 178.73 Iron Mountain 107796 3,070.61 Kelly Services, Inc. 107797 1,731.00 MCI 107798 1,075.69 Marks Bros. Stationers, Inc. 107799 6,450.10 Network Synergy 107800 863.65 Nextel 107801 3,327.47 Pitney Bowes 107802 6,744.25 Propark, Inc. 107803 1,544.50 RIA Group 107804 2,783.00 SNL Financial LC 107805 54.80 Skytel 107806 132.09 Snet 107807 5,296.00 Sungard Recovery Services Inc. 107808 4,725.80 Unum Life Insurance Company of America 107809 4,473.71 Unum Life Insurance Company of America 107810 136.70 Velocity Express 107811 81.87 WORLDCOM 107812 2,605.73 West Group 107813 361.62 Brunell,Paula 107814 142.46 Chimbole,Joyce 107815 128.62 Duarte,Deborah 107816 1,593.03 Hunte,Alan L. 107819 155.20 Barker,Russell 107820 174.40 Nicole Morris 107821 7,143.75 Susan Zicarelli -------------- 589,275.15 -------------- -------------- Grand Total 658,839.74 ============== Trenwick America Corp. Case No. 0312635 (MWF) Debtor Reporting Period: November 2003 Statement of Operations (Income Statement) - ---------------------------------------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES November 2003 Filing to Date - ---------------------------------------------------------------------------------------------------------------------------- Gross Revenues $ 19,029 $ 166,906 - ---------------------------------------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - ---------------------------------------------------------------------------------------------------------------------------- Net Revenue $ 19,029 $ 166,906 - ---------------------------------------------------------------------------------------------------------------------------- COST OF GOODS SOLD -- - ---------------------------------------------------------------------------------------------------------------------------- Beginning Inventory -- -- - ---------------------------------------------------------------------------------------------------------------------------- Add: Purchases -- -- - ---------------------------------------------------------------------------------------------------------------------------- Add:Cost of Labor -- -- - ---------------------------------------------------------------------------------------------------------------------------- Add: Other costs (schedule attached) -- -- - ---------------------------------------------------------------------------------------------------------------------------- Less: Ending Inventory -- -- - ---------------------------------------------------------------------------------------------------------------------------- Cost of Goods Sold -- -- - ---------------------------------------------------------------------------------------------------------------------------- Gross Profit 19,029 166,906 - ---------------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES -- - ---------------------------------------------------------------------------------------------------------------------------- Advertising -- -- - ---------------------------------------------------------------------------------------------------------------------------- Auto and Truck Expense -- 9 - ---------------------------------------------------------------------------------------------------------------------------- Bad Debts -- -- - ---------------------------------------------------------------------------------------------------------------------------- Contributions -- -- - ---------------------------------------------------------------------------------------------------------------------------- Employee Benefits Programs 2,040 5,466 - ---------------------------------------------------------------------------------------------------------------------------- Insider compensation* 9,557 100,027 - ---------------------------------------------------------------------------------------------------------------------------- Insurance 2,113 2,127 - ---------------------------------------------------------------------------------------------------------------------------- Management Fees/Bonuses ** -- 161,330 - ---------------------------------------------------------------------------------------------------------------------------- Office Expense 3,910 24,952 - ---------------------------------------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 3,428 8,404 - ---------------------------------------------------------------------------------------------------------------------------- Repairs and Maintenance 439 1,538 - ---------------------------------------------------------------------------------------------------------------------------- Rent and Lease Expense 27,806 86,921 - ---------------------------------------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 26,965 37,357 - ---------------------------------------------------------------------------------------------------------------------------- Supplies 1,386 6,079 - ---------------------------------------------------------------------------------------------------------------------------- Taxes-Payroll 750 1,947 - ---------------------------------------------------------------------------------------------------------------------------- Taxes-Real Estate -- -- - ---------------------------------------------------------------------------------------------------------------------------- Taxes-Other -- 6,000 - ---------------------------------------------------------------------------------------------------------------------------- Travel and Entertainment 128 492 - ---------------------------------------------------------------------------------------------------------------------------- Utilities 14 971 - ---------------------------------------------------------------------------------------------------------------------------- Other (attach schedule) 418,091 4,311,075 - ---------------------------------------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 496,625 4,754,695 - ---------------------------------------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 59,270 181,718 - ---------------------------------------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses (536,866) (4,769,507) - ---------------------------------------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES -- - ---------------------------------------------------------------------------------------------------------------------------- Other Income (attach schedule) 2,474,599 (16,084,898) - ---------------------------------------------------------------------------------------------------------------------------- Interest Expense -- -- - ---------------------------------------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items 1,937,733 (20,854,405) - ---------------------------------------------------------------------------------------------------------------------------- REORGANIZATION ITEMS -- - ---------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ---------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - ---------------------------------------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash -- - ---------------------------------------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 4,216 21,169 - ---------------------------------------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - ---------------------------------------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------------------- Total Reorganization Expenses 4,216 21,169 - ---------------------------------------------------------------------------------------------------------------------------- Income Taxes -- (73,536) - ---------------------------------------------------------------------------------------------------------------------------- Net Profit (Loss) $ 1,941,950 $(20,759,700) - ---------------------------------------------------------------------------------------------------------------------------- * Insider compensation includes amounts paid to members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 23 officers which were not included in this amount. ** Includes amounts charged by Trenwick affiliates under the Administrative Services Agreement prior to October 2003 STATEMENT OF OPERATIONS - continuation sheet - ----------------------------------------------------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY November 2003 Filing to Date - ----------------------------------------------------------------------------------------------------------------------------- Other Costs - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- Other Operational Expenses - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- Audit Fees -- (128) - ----------------------------------------------------------------------------------------------------------------------------- Accounting & Tax Fees 10,000 50,804 - ----------------------------------------------------------------------------------------------------------------------------- Other Fees 402,673 4,239,541 - ----------------------------------------------------------------------------------------------------------------------------- Data Processing 5,250 19,775 - ----------------------------------------------------------------------------------------------------------------------------- Seminars & Continuing Education 168 1,066 - ----------------------------------------------------------------------------------------------------------------------------- Dues & Subscriptions -- 17 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER EXPENSES 418,091 4,311,075 - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- Other Income - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- Equity in Undistributed Loss of Unconsolidated Subsidiaries 2,474,599 (16,084,898) - ----------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER INCOME 2,474,599 (16,084,898) - ----------------------------------------------------------------------------------------------------------------------------- Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: November 30, 2003 BALANCE SHEET - ---------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ---------------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - ---------------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents 6,119,164 4,532,566 - ---------------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - ---------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 51,682,249 48,745,299 - ---------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - ---------------------------------------------------------------------------------------------------------------------- Inventories -- -- - ---------------------------------------------------------------------------------------------------------------------- Prepaid Expenses 349,249 503,054 - ---------------------------------------------------------------------------------------------------------------------- Professional Retainers 1,000 10,000 - ---------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) 340,703 327,755 - ---------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 58,492,365 $ 54,118,674 - ---------------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - ---------------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - ---------------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - ---------------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment 18,820,723 20,723,654 - ---------------------------------------------------------------------------------------------------------------------- Leasehold Improvements 3,485,693 3,485,693 - ---------------------------------------------------------------------------------------------------------------------- Vehicles -- -- - ---------------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation (15,936,368) (15,433,035) - ---------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 6,370,048 $ 8,776,312 - ---------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - ---------------------------------------------------------------------------------------------------------------------- Loans to Insiders* 180,898 266,900 - ---------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 238,851,557 249,660,381 - ---------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 239,032,456 $ 249,927,281 - ---------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 303,894,868 $ 312,822,267 ====================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ---------------------------------------------------------------------------------------------------------------------- LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) - ---------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- - ---------------------------------------------------------------------------------------------------------------------- Taxes Payable (refer to FORM MOR-4) -- -- - ---------------------------------------------------------------------------------------------------------------------- Wages Payable 325,260 -- - ---------------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - ---------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - ---------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - ---------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ---------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* -- -- - ---------------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) 650,675 -- - ---------------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 1,002,244 $ -- - ---------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ---------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - ---------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - ---------------------------------------------------------------------------------------------------------------------- Unsecured Debt 291,341,600 289,648,446 - ---------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 291,341,600 $ 289,648,446 - ---------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 292,317,535 289,648,446 - ---------------------------------------------------------------------------------------------------------------------- OWNER EQUITY - ---------------------------------------------------------------------------------------------------------------------- Capital Stock 100 100 - ---------------------------------------------------------------------------------------------------------------------- Additional Paid-In Capital 266,985,085 266,985,085 - ---------------------------------------------------------------------------------------------------------------------- Partners' Capital Account -- -- - ---------------------------------------------------------------------------------------------------------------------- Owner's Equity Account -- -- - ---------------------------------------------------------------------------------------------------------------------- Retained Earnings - Pre-Petition (246,858,372) (246,858,372) - ---------------------------------------------------------------------------------------------------------------------- Retained Earnings - Post-Petition (20,759,700) -- - ---------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) 12,210,221 3,047,008 - ---------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ 11,577,334 $ 23,173,821 - ---------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 303,894,868 $ 312,822,267 ====================================================================================================================== * Loans to Insiders includes loans to members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 23 officers which were not included in this amount. Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: November 30, 2003 BALANCE SHEET - continuation sheet - ------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------ OTHER CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------ Accrued Investment Income 340,703 327,755 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------ Deferred Taxes Receivable 1,308,827 1,198,532 - ------------------------------------------------------------------------------------------------------------------------ Investment in Subsidiaries 237,541,761 244,859,636 - ------------------------------------------------------------------------------------------------------------------------ Miscellaneous Other Assets 970 3,602,213 - ------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER ASSETS 238,851,557 $249,660,381 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------ UNSECURED DEBTS (PRE-PETITION) - ------------------------------------------------------------------------------------------------------------------------ Accounts Payable 82,657 42,517 - ------------------------------------------------------------------------------------------------------------------------ Accrued Expenses 537,026 1,290,790 - ------------------------------------------------------------------------------------------------------------------------ Interest Payable 12,728,025 12,728,025 - ------------------------------------------------------------------------------------------------------------------------ Taxes Payable 5,002,200 2,601,759 - ------------------------------------------------------------------------------------------------------------------------ Due to Affiliates 82,787,757 82,787,757 - ------------------------------------------------------------------------------------------------------------------------ Indebtedness 190,203,934 190,197,598 - ------------------------------------------------------------------------------------------------------------------------ TOTAL UNSECURED DEBTS (PRE-PETITION) 291,341,600 289,648,446 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ OTHER POSTPETITION LIABILITIES - ------------------------------------------------------------------------------------------------------------------------ Accrued Expenses 68,966 -- - ------------------------------------------------------------------------------------------------------------------------ Due to Affiliates 581,709 -- - ------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER POSTPETITION LIABILITIES 650,675 -- - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ ADJUSTMENT TO OWNER EQUITY - ------------------------------------------------------------------------------------------------------------------------ Equity in Subsidiary 12,210,221 3,047,008 - ------------------------------------------------------------------------------------------------------------------------ In re Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting period: November 2003 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period. - -------------------------------------------------------------------------------------------------------------------- Amount Beginning Withheld or Check. No Ending Tax Tax Liability Accrued Amount Paid Date Paid or EFT Liability ==================================================================================================================== Federal - -------------------------------------------------------------------------------------------------------------------- Withholding -- 125,504 125,504 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 22,678 22,678 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 22,678 22,678 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- Unemployment -- 5 5 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 170,865 170,865 -- - -------------------------------------------------------------------------------------------------------------------- State and Local - -------------------------------------------------------------------------------------------------------------------- Withholding -- 33,716 33,716 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Unemployment -- 226 226 11/5, 11/19 EFT -- - -------------------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - -------------------------------------------------------------------------------------------------------------------- Total State and Local -- 33,942 33,942 -- - -------------------------------------------------------------------------------------------------------------------- Total Taxes -- 204,807 204,807 -- -- - -------------------------------------------------------------------------------------------------------------------- SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable - ------------------------------------------------------------------------------------------------------------------- Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total - ------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------- Wages Payable 325,260 325,260 - ------------------------------------------------------------------------------------------------------------------- Taxes Payable -- - ------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - ------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - ------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - ------------------------------------------------------------------------------------------------------------------- Professional Fees -- - ------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- - ------------------------------------------------------------------------------------------------------------------- Other: -- - ------------------------------------------------------------------------------------------------------------------- Other: -- - ------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 325,260 -- -- -- -- 325,260 - ------------------------------------------------------------------------------------------------------------------- Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting period: November 2003 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING - ------------------------------------------------------------------------------------------- -------------------------------- Accounts Receivable Reconciliation Amount - ------------------------------------------------------------------------------------------- -------------------------------- Total Accounts Receivable at the beginning of the reporting period 51,657,483.37 - ------------------------------------------------------------------------------------------- -------------------------------- + Amounts billed during the peiod 1,828,944.55 - ------------------------------------------------------------------------------------------- -------------------------------- - - Amounts collected during the peiod (1,804,153.87) - ------------------------------------------------------------------------------------------- -------------------------------- Total Accounts Receivable at the end of the reporting period 51,682,274.05 - ------------------------------------------------------------------------------------------- -------------------------------- - ------------------------------------------------------------------------------------------- -------------------------------- Accounts Receivable Aging Amount - ------------------------------------------------------------------------------------------- -------------------------------- 0 - 30 days old 1,824,681.90 - ------------------------------------------------------------------------------------------- -------------------------------- 31 - 60 days old 148,087.13 - ------------------------------------------------------------------------------------------- -------------------------------- 61 - 90 days old 431,603.72 - ------------------------------------------------------------------------------------------- -------------------------------- 91 + days old 60,464,694.30 - ------------------------------------------------------------------------------------------- -------------------------------- Total Accounts Receivable 62,869,067.05 - ------------------------------------------------------------------------------------------- -------------------------------- Amount considered uncollectible (Bad Debt) (11,186,818.00) - ------------------------------------------------------------------------------------------- -------------------------------- Accounts Receivable (Net) 51,682,249.05 - ------------------------------------------------------------------------------------------- -------------------------------- DEBTOR QUESTIONNAIRE - ------------------------------------------------------------------------------------------- -------------------------------- Must be completed each month Yes No - ------------------------------------------------------------------------------------------- -------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X - ------------------------------------------------------------------------------------------- -------------------------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below. X - ------------------------------------------------------------------------------------------- -------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X - ------------------------------------------------------------------------------------------- -------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X - ------------------------------------------------------------------------------------------- --------------------------------