-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GWjQrP2zqouKgRlBXcnj2LyQ2cqv6284miWWdipA6rxywL+203h2N6MiR3IP4jsy EOq5XzhBjLfcVZ21MQaBpA== 0000914039-95-000144.txt : 19951201 0000914039-95-000144.hdr.sgml : 19951201 ACCESSION NUMBER: 0000914039-95-000144 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRENWICK GROUP INC CENTRAL INDEX KEY: 0000787952 STANDARD INDUSTRIAL CLASSIFICATION: 6331 IRS NUMBER: 061152790 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14737 FILM NUMBER: 95590439 BUSINESS ADDRESS: STREET 1: ONE STATION PL STREET 2: METRO CENTER CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2033535500 10-Q 1 10-Q 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995. / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ________ to ________ . Commission file number 0-14737 TRENWICK GROUP INC. (Exact name of registrant as specified in its charter) Delaware 06-1152790 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Metro Center One Station Place Stamford, Connecticut 06902 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 353-5500 None - - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X No ---- ---- Indicate the number of shares outstanding of each of the issuer's classes of common stock.
Class Outstanding at October 31, 1995 ----- ------------------------------- Common Stock, $.10 par value 6,495,371
================================================================================ 2 TRENWICK GROUP INC. INDEX
Page Number ------ PART I. Financial Information Consolidated Balance Sheet September 30, 1995 and December 31, 1994 3 Consolidated Statement of Income Nine Months Ended September 30, 1995 and 1994 4 Consolidated Statement of Changes in Stockholders' Equity Nine Months Ended September 30, 1995 and 1994 5 Consolidated Statement of Cash Flows Nine Months Ended September 30, 1995 and 1994 6 Notes to Consolidated Financial Statements 7-8 Management's Discussion and Analysis 9-12 of Financial Condition and Results of Operations PART II. Other Information Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14
3 TRENWICK GROUP INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
September 30, December 31, ------------- ------------ 1995 1994 -------- -------- (dollars in thousands) Assets ------ Fixed maturity investments available for sale at fair value (amortized cost: $594,992 and $546,620) $609,910 $532,248 Equity securities available for sale at fair value (cost $10,331 and $10,181) 12,654 9,752 Cash and cash equivalents 10,869 9,784 -------- -------- Total investments and cash 633,433 551,784 Accrued investment income 9,731 10,332 Receivables from ceding insurers 42,117 27,798 Reinsurance recoverable balances, net 91,473 87,972 Deferred policy acquisition costs 15,834 10,691 Net deferred income tax assets 17,041 28,855 Other assets 9,513 9,813 -------- -------- Total assets $819,142 $727,245 ======== ======== Liabilities and Stockholders' Equity ------------------------------------ Liabilities: Unpaid claims and claims expenses $424,981 $389,298 Unearned premium income 55,295 36,306 Convertible debentures 103,500 103,500 Other liabilities 9,051 9,928 -------- -------- Total liabilities 592,827 539,032 -------- -------- Stockholders' equity: Preferred stock, $.10 par value, 1,000,000 shares authorized; none outstanding - - Common stock, $.10 par value, 15,000,000 shares authorized; 6,493,871 and 6,440,123 shares outstanding 649 644 Additional paid-in capital 87,963 86,491 Retained earnings 127,754 111,395 Net unrealized appreciation (depreciation) of investments, net of income taxes 11,206 (9,621) Deferred compensation under stock award plan (1,257) (696) -------- -------- Total stockholders' equity 226,315 188,213 -------- -------- Total liabilities and stockholders' equity $819,142 $727,245 ======== ========
The accompanying notes are an integral part of these statements. 3 4 TRENWICK GROUP INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ----------------------- 1995 1994 1995 1994 -------- -------- -------- -------- (in thousands except per share data) Revenues: Net premiums earned $43,200 $ 33,137 $131,362 $ 95,006 Net investment income 9,354 8,596 27,091 25,080 Net realized investment gains (losses) 131 - 281 (15) -------- -------- -------- -------- Total revenues 52,685 41,733 158,734 120,071 -------- -------- -------- -------- Expenses: Claims and claims expenses incurred 25,854 22,172 85,447 69,251 Policy acquisition costs 11,957 8,653 31,852 24,167 Underwriting expenses 3,219 2,497 9,023 7,870 Interest expense 1,622 1,623 4,873 4,850 -------- -------- -------- -------- Total expenses 42,652 34,945 131,195 106,138 -------- -------- -------- -------- Income before income taxes 10,033 6,788 27,539 13,933 Income taxes 2,077 386 5,739 277 -------- -------- -------- -------- Net income $ 7,956 $ 6,402 $ 21,800 $ 13,656 ======== ======== ======== ======== PRIMARY EARNINGS PER SHARE $ 1.18 $ .96 $ 3.26 $ 2.04 ======== ======== ======== ======== Weighted average shares outstanding 6,739 6,642 6,691 6,681 ======== ======== ======== ======== FULLY DILUTED EARNINGS PER SHARE (assuming conversion of convertible debentures as of the date of issuance) $ 1.01 $ .85 $ 2.80 $ 1.91 ======== ======== ======== ======== Weighted average shares outstanding 8,941 8,776 8,921 8,815 ======== ======== ======== ======== Dividends per common share $ .28 $ .25 $ .84 $ .75 ======== ======== ======== ========
The accompanying notes are an integral part of these statements. 4 5 TRENWICK GROUP INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 1995 1994 1995 1994 --------- --------- --------- --------- (dollars in thousands) Stockholders' equity, beginning of period $ 218,750 $ 187,717 $ 188,213 $ 206,763 Common stock, $.10 par value, and additional paid-in capital: Exercise of employer stock options (13,000, 35,500 and 37,050 shares) 257 -- 504 643 Income tax benefit resulting from excess compensation expenses allowable for income tax purposes 93 -- 175 140 Restricted common stock awarded (21,304 and 4,871 shares) -- -- 933 168 Restricted common stock awards cancelled (2,359 shares) -- -- -- (76) Common stock purchased and retired (3,056 and 194,233 shares) -- -- (134) (6,590) Retained earnings: Net income 7,956 6,402 21,800 13,656 Cash dividends (1,818) (1,607) (5,442) (4,853) Net unrealized appreciation (depreciation) of investments available for sale: Change in unrealized appreciation (depreciation) 1,411 (3,947) 32,041 (30,769) Change in applicable deferred income taxes (494) 1,381 (11,214) 10,769 Deferred compensation under stock award plan: Restricted common stock awarded -- -- (933) (168) Restricted common stock awards cancelled -- -- -- 76 Compensation expense recognized 160 73 372 260 --------- --------- --------- --------- Stockholders' equity, end of period $ 226,315 $ 190,019 $ 226,315 $ 190,019 ========= ========= ========= =========
The accompanying notes are an integral part of these statements. 5 6 TRENWICK GROUP INC. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, ------------------------ 1995 1994 -------- ------- (in thousands) Cash flows from operating activities: Premiums collected $112,853 $84,067 Ceded premiums paid (6,337) (5,160) Claims and claims expenses paid (67,037) (59,528) Claims and claims expenses recovered 6,251 8,009 Underwriting expenses paid (8,304) (6,534) -------- ------- Cash provided by underwriting activities 37,426 20,854 Net investment income received 29,216 25,893 Interest and other expenses paid (3,131) (3,125) Income taxes paid (8,026) (1,925) -------- ------- Cash provided by operating activities 55,485 41,697 -------- ------- Cash flows for investing activities: Purchases of fixed maturity investments (126,863) (164,449) Sales of fixed maturity investments 40,171 76,217 Maturities of fixed maturity investments 37,932 58,934 Purchases of equity securities (150) - Additions to premises and equipment (418) (91) -------- ------- Cash used for investing activities (49,328) (29,389) -------- ------- Cash flows for financing activities: Issuance of common stock 370 643 Repurchase of common stock - (6,590) Dividends paid (5,442) (4,853) -------- ------- Cash used for financing activities (5,072) (10,800) -------- ------- Increase in cash and cash equivalents 1,085 1,508 Cash and cash equivalents, beginning of period 9,784 6,405 -------- ------- Cash and cash equivalents, end of period $ 10,869 $ 7,913 ======== =======
The accompanying notes are an integral part of these statements. 6 7 TRENWICK GROUP INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation: The interim consolidated financial statements include those of Trenwick Group Inc. and its subsidiaries and have been prepared in conformity with generally accepted accounting principles applied on a basis consistent with prior periods. The interim consolidated financial statements are unaudited; however, in the opinion of management, the interim consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. These interim statements should be read in conjunction with the 1994 audited financial statements and related notes. 2. Reinsurance: Trenwick purchases reinsurance to reduce its exposure to catastrophe losses and the frequency of large losses in all lines of business. Trenwick, however, remains liable in the event that its retrocessionaires do not meet their contractual obligations. The effects of reinsurance on premiums written, premiums earned and claims and claims expenses incurred is as follows (in thousands):
Premiums Written ------------------------------------------------ Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 1995 1994 1995 1994 --------- --------- --------- --------- Assumed $ 54,988 $ 39,440 $ 162,920 $ 114,064 Ceded (4,533) (2,918) (12,542) (11,067) --------- --------- --------- --------- Net $ 50,455 $ 36,522 $ 150,378 $ 102,997 ========= ========= ========= =========
Premiums Earned ------------------------------------------------ Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 1995 1994 1995 1994 --------- --------- --------- --------- Assumed $ 47,936 $ 36,164 $ 144,131 $ 106,307 Ceded (4,736) (3,027) (12,769) (11,301) --------- --------- --------- --------- Net $ 43,200 $ 33,137 $ 131,362 $ 95,006 ========= ========= ========= =========
7 8
Claims and Claims Expenses Incurred ------------------------------------------------ Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 1995 1994 1995 1994 --------- --------- --------- --------- Assumed $ 31,421 $ 26,500 $ 102,067 $ 89,453 Ceded (5,567) (4,328) (16,620) (20,202) --------- --------- --------- --------- Net $ 25,854 $ 22,172 $ 85,447 $ 69,251 ========= ========= ========= =========
3. Stockholders' Equity: The Company currently has no authorization from its Board of Directors for common stock purchases. At September 30, 1995, the Company has 6,493,871 shares outstanding. 4. Stock Options and Benefit Plans: For the nine months ended September 30, 1995, Trenwick awarded key employees an aggregate of 21,304 shares of common stock under the terms of the 1989 Stock Plan. Of these shares, 4,654 were valued at $44.00 per share (approximately $205,000) and vest over five years, and 16,650 were valued at $43.75 per share (approximately $728,000) and vest over three years. Trenwick is recognizing compensation expense determined by the value of the shares, amortized over the applicable vesting period. During the nine-month period, 3,056 shares were repurchased at $44.00 per share (aggregate $134,000) in connection with the satisfaction of withholding taxes payable upon the vesting of shares previously awarded under the plan. For the nine months ended September 30, 1995, Trenwick awarded key employees Performance Options, under the terms of the 1993 Stock Option Plan, for an aggregate of 90,500 shares of common stock at an average exercise price of $43.97 per share, and awarded non-employee Directors, under the terms of the 1993 Stock Option Plan for Non-Employee Directors, options for an aggregate of 6,000 shares of common stock at an average exercise price of $44.54 per share. 8 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Trenwick Group Inc. ("Trenwick") is a holding company whose principal subsidiary, Trenwick America Reinsurance Corporation ("Trenwick America Re") reinsures property and casualty risks written by U.S. insurance companies. Substantially all of Trenwick America Re's business is produced by reinsurance brokers. Trenwick America Re divides its business into three categories: treaty, special program and facultative. In addition, under a strategic reinsurance agreement with PXRE Reinsurance Company ("PXRE Re"), Trenwick America Re assumes approximately 15% of PXRE Re's property business. OPERATING RESULTS Trenwick's consolidated net income was $8.0 million or $1.18 per share in the third quarter of 1995 compared to $6.4 million or $.96 per share in the third quarter of 1994. Consolidated net income was $21.8 million or $3.26 per share for the nine months ended September 30, 1995 compared to $13.7 million or $2.04 per share for the same period in 1994. Fully diluted earnings per share were $1.01 and $2.80 in the third quarter and for the nine months ended September 30, 1995, respectively, compared to $.85 and $1.91 for the same periods in 1994. Consolidated net income for the nine months ended September 30, 1994 included after-tax claims and other costs associated with the Southern California earthquake of approximately $6.4 million. Operating income (net income excluding after-tax realized investment gains and losses) was as follows (in thousands, except per share data):
Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 1995 1994 1995 1994 --------- --------- --------- --------- Operating income $ 7,871 $ 6,402 $ 21,617 $ 13,666 Per Share: Primary $ 1.17 $ .96 $ 3.23 $ 2.05 Fully diluted $ 1.00 $ .85 $ 2.78 $ 1.91
Realized after-tax investment gains in the third quarter and for the nine months ended September 30, 1995 were $85,000 and $183,000 or approximately $.01 and $.03 per share, respectively, compared to nominal realized after-tax investment losses for the nine months ended September 30, 1994. 9 10 PREMIUMS Trenwick's net premiums written of $ 50.5 million for the third quarter 1995 represented a 38% increase over the same period in 1994. Net premiums written for the nine months ended September 30, 1995 of $150.4 million represented an increase of 46% compared to the same period in 1994. Trenwick's net premium growth in the third quarter and for the nine months ended September 30, 1995 resulted from increases in its casualty business of 59% and 64%, respectively, offset by decreases of 13% and 3% in its property business, for the respective periods. The distribution of the Company's net premiums written was as follows (in thousands):
Three Months Ended Nine Months Ended September 30, September 30, ------------------------------- -------------------------------- 1995 1994 % Change 1995 1994 % Change --------- --------- -------- --------- --------- -------- CASUALTY: Treaty $ 23,667 $ 15,164 56% $ 75,093 $ 43,595 73% Special Program 16,177 9,656 68 44,427 29,001 53 Facultative 1,333 1,091 22 4,471 3,062 46 --------- --------- --- --------- --------- --- 41,177 25,911 59 123,991 75,658 64 --------- --------- --- --------- --------- --- PROPERTY: Treaty 3,775 5,169 (27) 10,057 12,118 (17) PXRE Re 5,503 5,442 1 16,330 15,221 7 --------- --------- --- --------- --------- --- 9,278 10,611 (13) 26,387 27,339 (3) --------- --------- --- --------- --------- --- Total $ 50,455 $ 36,522 38% $ 150,378 $ 102,997 46% ========= ========= === ========= ========= ===
New casualty business increased 138% and 80% in the quarter and for the nine months ended September 30, 1995 over the same periods in 1994. New casualty business represented approximately 29% and 24% of total premium writings during those periods. Increases in participations in renewal transactions and growth in the original business written by several ceding companies ("continuing casualty business") increased 34% and 58% in the quarter and for the nine months ended September 30, 1995 over the same periods in 1994. Continuing casualty business represented 52% and 58% of the total premium writings during these periods. The Company's property business, representing 19% and 18% of total premium writings for the quarter and nine months, declined as a result of the non-renewal of certain national accounts. During 1995, the Company modified its process of estimating premiums from ceding companies, resulting in an accrual for unreported premiums written at September 30, 1995 of $15.6 million. These estimated premiums did not materially affect the Company's earnings in 1995. UNDERWRITING EXPERIENCE The combined ratio is one means of measuring the profitability of a property and casualty company. The combined ratio reflects underwriting experience, but does not reflect income from investments or provisions for income taxes. A combined ratio below 100% indicates profitable underwriting, and a combined ratio exceeding 100% indicates unprofitable underwriting. Although a reinsurer may have unprofitable underwriting results, the reinsurer may still be profitable because of investment income earned on the accumulated invested assets. 10 11 The following table sets forth Trenwick's combined ratios and the components thereof calculated on a GAAP basis for the period indicated, together with Trenwick America Re's combined ratio calculated on a statutory basis:
Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Claims and claims expense ratio 59.8% 66.9% 65.0% 72.9% ---- ----- ---- ----- Expense ratio: Policy acquisition expense ratio 27.7 26.1 24.2 25.4 Underwriting expense ratio 7.5 7.5 6.9 8.3 ---- ----- ---- ----- Total expense ratio 35.2% 33.6% 31.1% 33.7% ---- ----- ---- ----- Combined ratio (GAAP basis) 95.0% 100.5% 96.1% 106.6% ---- ----- ---- ----- Trenwick America Re statutory combined ratio 93.3% 99.9% 95.6% 105.9% ---- ----- ---- -----
For the three and nine months ended September 30, 1994, the company's claims ratio included approximately 4 and 9 percentage points, respectively, associated with claims arising from the Southern California earthquake. The Company does not anticipate any material adverse impact from the recent hurricane activity and has reduced to a nominal amount its estimate for claims associated with the Kobe earthquake. INVESTMENT INCOME Net investment income of $9.4 million increased 9% in the third quarter of 1995 compared to $8.6 million for the same period in 1994. Net investment income of $27.1 million increased 8% for the nine months ended September 30, 1995 compared to $25.1 million for the nine months ended September 30, 1994. Pre-tax yields on invested assets averaged 6.3% in 1995 compared to 6.5% in 1994. The taxable and non-taxable components of the Company's net investment income were as follows (in thousands):
Three Months Ended Nine Months Ended September 30, September 30, --------------------- ---------------------- 1995 1994 1995 1994 ------ ------ ------- ------- Taxable $5,283 $4,435 $15,183 $12,585 Non-taxable 4,071 4,161 11,908 12,495 ------ ------ ------- ------- $9,354 $8,596 $27,091 $25,080 ====== ====== ======= ======= Net investment income, after-tax $7,334 $6,931 $21,309 $20,354 ====== ====== ======= =======
11 12 LIQUIDITY AND CAPITAL RESOURCES As of September 30, 1995, Trenwick's consolidated investments and cash totaled $633.4 million, as compared to $551.8 million at December 31, 1994. At September 30, 1995, the fair value of the Company's fixed maturity portfolio exceeded amortized cost of $595 million by $14.9 million. However, at December 31, 1994, the amortized cost of the Company's fixed maturity portfolio exceeded the fair value by $14.4 million. The fair value of the Company's equity securities exceeded cost of $10.3 million by $2.3 million at September 30, 1995. At December 31, 1994, the cost of the Company's equity securities exceeded fair value by $.4 million. As of September 30, 1995, Trenwick's consolidated stockholders' equity totaled $226.3 million or $34.85 per share, as compared to $188.2 million or $29.23 per share at December 31, 1994. The increase in consolidated stockholders' equity is due to earnings in the period and an increase in the market value of the Company's fixed maturity and equity investments since December 31, 1994. The change in unrealized gain or loss, relating to the Company's fixed maturity and equity investments, added $20.8 million, net of tax, or $3.21 per share to stockholders' equity, primarily as a result of the change in interest rates since December 31, 1994. Statutory surplus of Trenwick America Re was $252.1 million as of September 30, 1995 compared to $236.1 million as of December 31, 1994. Cash flow from operations of $55.5 million for the nine months ended September 30, 1995 increased approximately 33% compared to cash flow from operations of $41.7 million for the nine months ended September 30, 1994. The increase in cash flow from operations reflected the overall increase in premium writings partially offset by an increase in taxes and net losses paid in 1995 compared to 1994. Trenwick declared a third quarter dividend of $.28 per share in 1995, compared to $.25 in the third quarter of 1994. 12 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K a) Exhibits 11.0 Computation of Earnings Per Share 27.0 Financial Data Schedule b) Reports on Form 8-K None 13 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TRENWICK GROUP INC. ---------------------------------------- (Registrant) Date: November 13, 1995 /s/ JAMES F. BILLETT, JR. ---------------------------------------- James F. Billett, Jr. Chairman, President and Chief Executive Officer Date: November 13, 1995 /s/ ALAN L. HUNTE ---------------------------------------- Alan L. Hunte Vice President, Chief Financial Officer and Treasurer 14 EX-11 2 EX-11 1 TRENWICK GROUP INC. Exhibit 11.0 -- COMPUTATION OF EARNINGS PER SHARE (in thousands except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, ------------------ ----------------- 1995 1994 1995 1994 ------- ------- ------- ------- PRIMARY Average shares outstanding 6,489 6,428 6,470 6,466 Weighted average shares of common stock equivalents associated with stock options, net 250 214 221 215 ------- ------- ------- ------- Total 6,739 6,642 6,691 6,681 ======= ======= ======= ======= Net income $ 7,956 $ 6,402 $21,800 $13,656 ======= ======= ======= ======= PER SHARE AMOUNT $ 1.18 $ .96 $ 3.26 $ 2.04 ======= ======= ======= ======= FULLY DILUTED Average shares outstanding 6,489 6,428 6,470 6,466 Weighted average shares of common stock equivalents associated with stock options, net 318 214 317 215 Assumed conversion of 6% convertible debentures 2,134 2,134 2,134 2,134 ------- ------- ------- ------- Total 8,941 8,776 8,921 8,815 ======= ======= ======= ======= Net income $ 7,956 $ 6,402 $21,800 $13,656 Add 6% convertible conversion debenture interest net of federal income tax effect 1,054 1,068 3,161 3,201 ------- ------- ------- ------- Total $ 9,010 $ 7,470 $24,961 $16,857 ======= ======= ======= ======= PER SHARE AMOUNT $ 1.01 $ .85 $ 2.80 $ 1.91 ======= ======= ======= =======
EX-27 3 EX-27
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS CONTAINED IN THE FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 FOR TRENWICK GROUP, INC. 1000 U.S. DOLLARS 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 1 609,910 0 0 12,654 0 0 622,564 10,869 91,473 15,834 819,142 424,981 55,295 0 0 103,500 649 0 0 225,666 819,142 131,362 27,091 281 0 85,447 31,852 13,896 27,539 5,739 0 0 0 0 21,800 3.26 2.80 0 0 0 0 0 0 0
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