-----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, QcTiJQ1Mro/1C5D6hHwoqGCqwQLUstEI2JQQ/+773jIOPvGrP810ABg4uDXNFFFz KtSoPDohJmQ4M/x64oTd0A== 0000914039-96-000375.txt : 19961115 0000914039-96-000375.hdr.sgml : 19961115 ACCESSION NUMBER: 0000914039-96-000375 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRENWICK GROUP INC CENTRAL INDEX KEY: 0000787952 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [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: 96660788 BUSINESS ADDRESS: STREET 1: ONE STATION PL STREET 2: METRO CENTER CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2033535500 10-Q 1 FORM 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, 1996. [ ] 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, 1996 Common Stock, $.10 par value 6,706,717 2 TRENWICK GROUP INC. INDEX Page PART I. Financial Information Number ------ Consolidated Balance Sheet September 30, 1996 and December 31, 1995 3 Consolidated Statement of Income Three and Nine Months Ended September 30, 1996 and 1995 4 Consolidated Statement of Changes in Stockholders' Equity Three and Nine Months Ended September 30, 1996 and 1995 5 Consolidated Statement of Cash Flows Nine Months Ended September 30, 1996 and 1995 6 Notes to Consolidated Financial Statements 7-8 Management's Discussion and Analysis of Financial Condition and Results of Operations 9-12 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, ------------- ------------ 1996 1995 ---- ---- (dollars in thousands) Assets Fixed maturity investments available for sale at fair value (amortized cost: $672,520 and $609,751) $ 681,417 $ 633,525 Equity securities available for sale at fair value (cost: $14,578 and $10,507) 18,377 13,419 Cash and cash equivalents 9,486 6,760 --------- --------- Total investments and cash 709,280 653,704 Accrued investment income 10,247 10,198 Receivables from ceding insurers 61,507 48,979 Reinsurance recoverable balances, net 76,519 68,449 Deferred policy acquisition costs 22,228 16,725 Net deferred income taxes 19,202 13,585 Other assets 3,137 9,290 --------- --------- Total assets $ 902,120 $ 820,930 ========= ========= Liabilities and Stockholders' Equity Liabilities: Unpaid claims and claims expenses $ 456,805 $ 411,874 Unearned premium income 74,304 56,050 Convertible debentures 103,500 103,500 Other liabilities 12,949 8,730 --------- --------- Total liabilities 647,558 580,154 --------- --------- Stockholders' equity: Preferred stock, $.10 par value, 1,000,000 shares authorized; none outstanding Common stock, $.10 par value, 15,000,000 shares authorized; 6,706,717 and 6,590,411 shares outstanding 671 659 Additional paid-in capital 93,982 89,920 Retained earnings 152,775 133,949 Net unrealized appreciation of investments, net of income taxes 8,252 17,346 Deferred compensation under stock award plan (1,118) (1,098) --------- --------- Total stockholders' equity 254,562 240,776 --------- --------- Total liabilities and stockholders' equity $ 902,120 $ 820,930 ========= =========
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, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- (in thousands except per share data) Revenues: Net premiums earned $ 55,008 $ 43,200 $156,075 $131,362 Net investment income 10,332 9,354 30,386 27,091 Net realized investment gains (losses) (21) 131 18 281 -------- -------- -------- -------- Total revenues 65,319 52,685 186,479 158,734 -------- -------- -------- -------- Expenses: Claims and claims expenses incurred 33,428 25,854 95,402 85,447 Policy acquisition costs 15,711 11,957 42,669 31,852 Underwriting expenses 3,426 3,219 10,797 9,023 Interest expense 1,626 1,622 4,875 4,873 -------- -------- -------- -------- Total expenses 54,191 42,652 153,743 131,195 -------- -------- -------- -------- Income before income taxes 11,128 10,033 32,736 27,539 Income taxes 2,608 2,077 7,707 5,739 -------- -------- -------- -------- Net income $ 8,520 $ 7,956 $ 25,029 $ 21,800 ======== ======== ======== ======== PRIMARY EARNINGS PER SHARE $ 1.24 $ 1.18 $ 3.66 $ 3.26 ======== ======== ======== ======== Weighted average shares outstanding 6,860 6,739 6,832 6,691 ======== ======== ======== ======== FULLY DILUTED EARNINGS PER SHARE (assuming conversion of dilutive convertible debentures) $ 1.06 $ 1.01 $ 3.14 $ 2.80 ======== ======== ======== ======== Weighted average shares outstanding 8,994 8,941 8,971 8,921 ======== ======== ======== ======== Dividend per common share $ .31 $ .28 $ .93 $ .84 ======== ======== ======== ========
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, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- (dollars in thousands) Stockholders' equity, beginning of period $ 245,468 $ 218,750 $ 240,776 $ 188,213 Common stock, $.10 par value, and additional paid-in-capital: Exercise of employer stock options (1,000, 13,000, 128,852 and 35,500 shares) 40 257 3,636 504 Income tax benefit resulting from excess compensation expenses allowable for income tax purposes -- 93 1,053 175 Restricted common stock awarded (3,584, 10,020 and 21,304 shares) 174 -- 507 933 Restricted common stock awards cancelled (2,100 shares) -- -- (91) -- Common stock purchased and retired (179, 20,466 and 3,056 shares) (8) -- (1,031) (134) Retained earnings: Net income 8,520 7,956 25,029 21,800 Cash dividends (2,079) (1,818) (6,203) (5,442) Net unrealized appreciation (depreciation) of investments available for sale: Change in unrealized appreciation (depreciation) 3,838 1,411 (13,990) 32,041 Change in applicable deferred income taxes (1,344) (494) 4,896 (11,214) Deferred compensation under stock award plan: Restricted common stock awarded (174) -- (507) (933) Restricted common stock awards cancelled -- -- 91 -- Compensation expense recognized 127 160 396 372 --------- --------- --------- --------- Stockholders' equity, end of period $ 254,562 $ 226,315 $ 254,562 $ 226,315 ========= ========= ========= =========
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, -------------------------- 1996 1995 ---- ---- (in thousands) Cash flows from operating activities: Premiums collected $ 130,374 $ 112,853 Ceded premiums paid (5,102) (6,337) Claims and claims expenses paid (73,219) (67,037) Claims and claims expenses recovered 3,683 6,251 Underwriting expenses paid (10,027) (8,304) --------- --------- Cash provided by underwriting activities: 45,709 37,426 Net investment income received 31,527 29,216 Interest and other expenses paid (3,085) (3,131) Income taxes paid (5,585) (8,026) --------- --------- Cash provided by operating activities 68,566 55,485 --------- --------- Cash flows for investing activities: Purchases of fixed maturity investments (120,522) (126,863) Sales of fixed maturity investments 12,934 40,171 Maturities of fixed maturity investments 43,682 37,932 Purchases of equity securities (158) (150) Sales of equity securities 2,375 -- Additions to premises and equipment (553) (418) --------- --------- Cash used for investing activities (62,242) (49,328) --------- --------- Cash flows for financing activities: Issuance of common stock 3,636 504 Repurchase of common stock (1,031) (134) Dividends paid (6,203) (5,442) --------- --------- Cash used for financing activities (3,598) (5,072) --------- --------- Increase in cash and cash equivalents 2,726 1,085 Cash and cash equivalents, beginning of period 6,760 9,784 --------- --------- Cash and cash equivalents, end of period $ 9,486 $ 10,869 ========= =========
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. Certain items in the financial statements have been reclassified to conform with the 1996 presentation. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 1995 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, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Assumed $ 60,574 $ 54,988 $ 190,108 $ 162,920 Ceded (5,462) (4,533) (15,842) (12,542) --------- --------- --------- --------- Net $ 55,112 $ 50,455 $ 174,266 $ 150,378 ========= ========= ========= ========= 7 8 Premiums Earned --------------------------------------------------------- Three Months Ended Nine Months Ended September 30, September 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- . Assumed $ 60,427 $ 47,936 $ 171,854 $ 144,131 Ceded (5,419) (4,736) (15,779) (12,769) --------- --------- --------- --------- Net $ 55,008 $ 43,200 $ 156,075 $ 131,362 ========= ========= ========= ========= Claims and Claims Expenses Incurred --------------------------------------------------------- Three Months Ended Nine Months Ended September 30, September 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Assumed $ 41,381 $ 31,421 $ 117,308 $ 102,067 Ceded (7,953) (5,567) (21,906) (16,620) --------- --------- --------- --------- Net $ 33,428 $ 25,854 $ 95,402 $ 85,447 ========= ========= ========= ========= 3. Stock Awards and Benefit Plans: For the nine months ended September 30, 1996, Trenwick awarded key employees an aggregate of 10,020 shares of common stock under the terms of the 1989 Stock Plan, valued at an average of $50.60 per share (approximately $507,000). Trenwick is recognizing compensation expense determined by the value of the shares, amortized over a five to seven year vesting period. During the nine month period, 20,466 shares were repurchased at an average of $50.38 per share (approximately $1,031,000) in connection with the satisfaction of withholding taxes payable upon the vesting of shares previously awarded under the plan. 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, specialty 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 Group Inc. reported an increase in its third quarter consolidated net income of 7% to $8.5 million or $1.24 per share compared to $8.0 million or $1.18 per share in the third quarter of 1995. Consolidated net income was $25.0 million or $3.66 per share for the nine months ended September 30, 1996 compared to $21.8 million or $3.26 per share for the nine months ended September 30, 1995. Fully diluted earnings per share were $1.06 and $3.14 in the third quarter and for the nine months ended September 30, 1996, respectively, compared to $1.01 and $2.80 for the same periods in 1995. 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, ------------------------------- ------------------------------------ 1996 1995 %Change 1996 1995 %Change ---- ---- ------- ---- ---- ------- Operating income $8,534 $7,871 8% $25,017 $21,617 16% Operating income per share: Primary $1.24 $1.17 6% $3.66 $3.23 13% Fully diluted $1.07 $1.00 7% $3.14 $2.78 13%
Realized after-tax investment losses in the third quarter of 1996 were $(14,000) or approximately $(.01) per share compared to after-tax realized gains of $85,000 or approximately $.01 per share for the quarter ended September 30, 1995. For the nine months ended September 30, 1996, realized after-tax investment gains were $12,000 compared to $183,000 or approximately $.03 per share for the nine months ended September 30, 1995. 9 10 PREMIUMS Trenwick's net premiums written increased 9% to $55.1 million in the third quarter of 1996 compared to $50.5 million in the same period in 1995. Net premiums written for the nine months ended September 30, 1996 increased 16% to $174.3 million compared to the same period in 1995. The distribution of the Company's net premiums written by type was as follows (in thousands):
Three Months Ended Nine Months Ended September 30, September 30, --------------------------------------- -------------------------------------- 1996 1995 %Change 1996 1995 %Change ---- ---- ------- ---- ---- ------- CASUALTY Treaty $ 31,523 $ 25,164 25% $109,659 $ 79,768 37% Specialty 13,369 14,681 (9) 34,718 39,752 (13) Facultative 2,074 1,332 56 5,020 4,471 12 ----- ----- -- ----- ----- -- 46,966 41,177 14 149,397 123,991 20 PROPERTY 8,146 9,278 (12) 24,869 26,387 (6) ----- ----- --- ------ ------ -- Total $ 55,112 $ 50,455 9% $174,266 $150,378 16% ======== ======== = ======== ======== ==
Trenwick's premium growth in the third quarter and for the nine months ended September 30, 1996 continued to result from an increase in new casualty treaty business. This business was developed primarily by the senior underwriting executives hired in 1995 through existing and new relationships with various reinsurance brokers. Competitive market conditions in the primary insurance industry have caused ceding companies to reduce their reinsurance buying. These conditions have primarily had an impact on the Company's casualty specialty business, reducing the overall rate of growth in the quarter. In addition, the Company declined to renew certain accounts which did not meet its pricing standards. Property business also decreased as a result of continued price deterioration in the quarter. New casualty business increased 36% and 53% in the quarter and for the nine months ended September 30, 1996 over the same periods in 1995 and represented approximately 36% and 31% of total premium writings during the periods. Continuing casualty business increased 7% and 10% in the quarter and for the nine months ended September 30, 1996 over the same periods in 1995. Continuing casualty business represented 50% and 55% of the total premium writings during the periods. The Company's property business represented approximately 14% of total premium writings for the quarter and for the nine months ended September 30, 1996. Prior to the close of the quarter, Trenwick reported that Trenwick America Re entered into a broad based strategic reinsurance relationship with UNUM Corporation, through its wholly-owned subsidiary Duncanson & Holt Group ("D&H"). D&H is the largest underwriting manager of accident and health reinsurance in North America. Through this agreement, effective October 1, Trenwick America Re is participating in domestic pools and reinsurance facilities managed by D&H. Trenwick America Re has also agreed that D&H may issue reinsurance contracts in its name in certain situations where D&H's property and casualty clients prefer a property and casualty reinsurer. Trenwick America Re will assume approximately $15 million in annualized 10 11 reinsurance premium as a result of participating in the domestic pools and reinsurance facilities managed by D&H, in addition to receiving fronting fees on business issued in its name. 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. 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, ------------------ ----------------- 1996 1995 1996 1995 ---- ---- ---- ---- Claims and claims expense ratio 60.8% 59.8% 61.1% 65.0% ---- ---- ---- ---- Expense ratio: Policy acquisition expense ratio 28.6 27.7 27.3 24.2 Underwriting expense ratio 6.2 7.5 6.9 6.9 ---- ---- ---- ---- Total expense ratio 34.8% 35.2% 34.2% 31.1% ---- ---- ---- ---- Combined ratio (GAAP basis) 95.6% 95.0% 95.3% 96.1% ---- ---- ---- ---- Trenwick America Re statutory combined ratio 95.4% 93.3% 94.8% 95.6% ---- ---- ---- ----
As indicated, Trenwick's claims and claims expense ratio improved in the third quarter and for the nine months ended September 30, 1996 compared to the same periods in 1995. The claims and claims expense ratio for the nine months ended September 30, 1996 includes favorable development of approximately $3.4 million from business written in prior years. 11 12 INVESTMENT INCOME Net investment income of $10.3 million in the third quarter of 1996 increased 10% compared to $9.4 million for the same period in 1995. Net investment income of $30.4 million for the nine months ended September 30, 1996 increased 12% compared to $27.1 million for the nine months ended September 30, 1995. Pre-tax yields on invested assets, excluding equity securities, averaged 6.4% in both 1996 and 1995. The increase in investment income is due primarily to the continued growth in the Company's invested asset base along with an increase in operating cash flow. After-tax net investment income in the third quarter of 1996 and for the nine months ended September 30, 1996 was $8.0 million and $23.7 million, respectively, compared to $7.3 million and $21.3 million for the comparative periods in 1995. The effective tax rate on net investment income for the nine months ended September 30 was approximately 22.1% in 1996 and 21.3% in 1995. LIQUIDITY AND CAPITAL RESOURCES As of September 30, 1996, Trenwick's consolidated investments and cash totaled $709.3 million, as compared to $653.7 million at December 31, 1995. The fair value of the Company's fixed maturity portfolio exceeded amortized cost of $672.5 million and $609.8 million by $8.9 million and $23.7 million at September 30, 1996 and December 31, 1995, respectively. At September 30, 1996 and at December 31, 1995, the fair value of the Company's equity securities exceeded cost of $14.6 million and $10.5 million by $3.8 million and $2.9 million, respectively. As of September 30, 1996, Trenwick's consolidated stockholders' equity totaled $254.6 million or $37.96 per share, as compared to $240.8 million or $36.54 per share at December 31, 1995. This increase resulted from earnings in the period reduced by a decrease in the market value of the Company's fixed maturity and equity investments. Since December 31, 1995, the unrealized appreciation of the Company's fixed maturity and equity investments declined $9.1 million, net of tax, or $1.36 per share, primarily as a result of the increase in interest rates. Statutory surplus of Trenwick America Re was $278.6 million as of September 30, 1996, compared to $257.6 million as of December 31, 1995. Cash flow from operations of $68.6 million for the nine months ended September 30, 1996 increased approximately 24% compared to cash flow from operations of $55.5 million for the nine months ended September 30, 1995. The increase in cash flow from operations reflected an overall increase in premium writings. Trenwick declared a third quarter dividend of $.31 per share in 1996, compared to $.28 in the third quarter of 1995. 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, 1996 JAMES F. BILLETT, JR. ------------------ ----------------------------- James F. Billett, Jr. Chairman, President and Chief Executive Officer Date: November 13, 1996 ALAN L. HUNTE ----------------- ----------------------------- Alan L. Hunte Vice President, Chief Financial Officer and Treasurer 14 EX-11.0 2 COMPUTATION OF EARNINGS PER SHARE 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, -------------------- -------------------- 1996 1995 1996 1995 ---- ---- ---- ---- PRIMARY Average shares outstanding 6,705 6,489 6,658 6,470 Weighted average shares of common stock equivalents associated with stock options, net 155 250 174 221 ------- ------- ------- ------- Total 6,860 6,739 6,832 6,691 ======= ======= ======= ======= Net income $ 8,520 $ 7,956 $25,029 $21,800 ======= ======= ======= ======= PER SHARE AMOUNT $ 1.24 $ 1.18 $ 3.66 $ 3.26 ======= ======= ======= ======= FULLY DILUTED Average shares outstanding 6,705 6,489 6,658 6,470 Weighted average shares of common stock equivalents associated with stock options, net 155 318 179 317 Assumed conversion of 6% convertible debentures 2,134 2,134 2,134 2,134 ------- ------- ------- ------- Total 8,994 8,941 8,971 8,921 ======= ======= ======= ======= Net income $ 8,520 $ 7,956 $25,029 $21,800 Add 6% convertible conversion debenture interest net of federal income tax effect 1,058 1,054 3,170 3,161 ------- ------- ------- ------- Total $ 9,578 $ 9,010 $28,199 $24,961 ======= ======= ======= ======= PER SHARE AMOUNT $ 1.06 $ 1.01 $ 3.14 $ 2.80 ======= ======= ======= =======
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, 1996 FOR TRENWICK GROUP INC. 1,000 U.S. Dollars 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 1 681,417 0 0 18,377 0 0 699,794 9,486 76,519 22,228 902,120 456,805 74,304 0 0 103,500 0 0 671 253,891 902,120 156,075 30,386 18 0 95,402 42,669 15,672 32,736 7,707 0 0 0 0 25,029 3.66 3.14 0 0 0 0 0 0 0 REPRESENTS NET REINSURANCE RECOVERABLE BALANCES AFTER OFFSET OF FUNDS HELD AND REINSURANCE BALANCES PAYABLE.
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