-----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, B66QdToNWq1O/D9iBfFro8gGNSbVmgKbLmLSHBV8buYj438XRt0DdgYHCbyAcsrS pXsmsPHQdPUuSzu3YPsH5Q== 0000914039-96-000255.txt : 19960814 0000914039-96-000255.hdr.sgml : 19960814 ACCESSION NUMBER: 0000914039-96-000255 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96609462 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 June 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 July 31, 1996 ----- ---------------------------- Common Stock, $.10 par value 6,702,312
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Page Number ------ PART I. Financial Information Consolidated Balance Sheet June 30, 1996 and December 31, 1995 3 Consolidated Statement of Income Three and Six Months Ended June 30, 1996 and 1995 4 Consolidated Statement of Changes in Stockholders' Equity Three and Six Months Ended June 30, 1996 and 1995 5 Consolidated Statement of Cash Flows Six Months Ended June, 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 4. Submission of Matters to a Vote of Security Holders 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14
3 TRENWICK GROUP INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30, December 31, 1996 1995 -------- ------------ (dollars in thousands) Assets Fixed maturity investments available for sale at fair value (amortized cost: $647,809 and $609,751) $ 653,211 $ 633,525 Equity securities available for sale at fair value (cost: $14,557 and $16,807) 18,013 19,719 Cash and cash equivalents 8,327 6,760 --------- --------- Total investments and cash 679,551 660,004 Accrued investment income 10,419 10,198 Receivables from ceding insurers 67,695 48,979 Reinsurance recoverable balances, net 72,639 68,449 Deferred policy acquisition costs 22,283 16,725 Net deferred income taxes 20,230 13,585 Other assets 3,267 2,990 --------- --------- Total assets $ 876,084 $ 820,930 ========= ========= Liabilities and Stockholders' Equity Liabilities: Unpaid claims and claims expenses $ 443,306 $ 411,874 Unearned premium income 74,157 56,050 Convertible debentures 103,500 103,500 Other liabilities 9,653 8,730 --------- --------- Total liabilities 630,616 580,154 --------- --------- Stockholders' equity: Preferred stock, $.10 par value, 1,000,000 shares authorized; none outstanding Common stock, $.10 par value, 15,000,000 shares authorized; 6,702,312and 6,590,411 shares outstanding 670 659 Additional paid-in capital 93,777 89,920 Retained earnings 146,334 133,949 Net unrealized appreciation of investments, net of income taxes 5,758 17,346 Deferred compensation under stock award plan (1,071) (1,098) --------- --------- Total stockholders' equity 245,468 240,776 --------- --------- Total liabilities and stockholders' equity $ 876,084 $ 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 Six Months Ended June 30, June 30, ----------------------- ---------------------- 1996 1995 1996 1995 ---- ---- ---- ---- (in thousands except per share data) Revenues: Net premiums earned $ 53,376 $ 43,698 $101,067 $ 88,162 Net investment income 10,185 9,193 20,054 17,737 Net realized investment gains (losses) (11) 52 39 150 -------- -------- -------- -------- Total revenues 63,550 52,943 121,160 106,049 -------- -------- -------- -------- Expenses: Claims and claims expenses incurred 32,775 28,586 61,974 59,593 Policy acquisition costs 14,716 10,525 26,958 19,895 Underwriting expenses 3,343 2,938 7,371 5,804 Interest expense 1,625 1,627 3,249 3,251 -------- -------- -------- -------- Total expenses 52,459 43,676 99,552 88,543 -------- -------- -------- -------- Income before income taxes 11,091 9,267 21,608 17,506 Income taxes 2,764 1,927 5,099 3,662 -------- -------- -------- -------- Net income $ 8,327 $ 7,340 $ 16,509 $ 13,844 ======== ======== ======== ======== PRIMARY EARNINGS PER SHARE $ 1.22 $ 1.09 $ 2.42 $ 2.07 ======== ======== ======== ======== Weighted average shares outstanding 6,817 6,710 6,818 6,700 ======== ======== ======== ======== FULLY DILUTED EARNINGS PER SHARE (assuming conversion of dilutive convertible debentures) $ 1.05 $ .95 $ 2.08 $ 1.81 ======== ======== ======== ======== Weighted average shares outstanding 8,962 8,844 8,953 8,834 ======== ======== ======== ======== Dividends per common share $ .31 $ .28 $ .62 $ .56 ======== ======== ======== ========
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 Six Months Ended June 30, June 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- (dollars in thousands) Stockholders' equity, beginning of period $ 239,338 $ 204,029 $ 240,776 $ 188,213 Common stock, $.10 par value, and additional paid-in-capital: Exercise of employer stock options (119,852, 3,000, 127,852 and 22,500 shares) 3,438 59 3,596 247 Income tax benefit resulting from excess compensation expenses allowable for income tax purposes 959 -- 1,053 82 Restricted common stock awarded (241, 16,650, 6,436 and 21,304 shares) 13 728 333 933 Restricted common stock awards cancelled (2,100 shares) (91) -- (91) -- Common stock purchased and retired (16,803, 20,287 and 3,056 shares) (843) -- (1,023) (134) Retained earnings: Net income 8,327 7,340 16,509 13,844 Cash dividends (2,078) (1,815) (4,124) (3,624) Net unrealized appreciation (depreciation) of investments available for sale: Change in unrealized appreciation (depreciation) (5,861) 13,851 (17,828) 30,630 Change in applicable deferred income taxes 2,052 (4,848) 6,240 (10,720) Deferred compensation under stock award plan: Restricted common stock awarded (13) (728) (333) (933) Restricted commom stock awards cancelled 91 -- 91 -- Compensation expense recognized 136 134 269 212 --------- --------- --------- --------- Stockholders' equity, end of period $ 245,468 $ 218,750 $ 245,468 $ 218,750 ========= ========= ========= =========
The accompanying notes are an integral part of these statements. 5 6 TRENWICK GROUP INC. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, ----------------------- 1996 1995 (in thousands) Cash flows from operating activities: Premiums collected $ 79,066 $ 70,205 Ceded premiums paid (3,109) (4,690) Claims and claims expenses paid (43,994) (42,468) Claims and claims expenses recovered 3,175 4,635 Underwriting expenses paid (7,713) (5,872) -------- -------- Cash provided by underwriting activities: 27,425 21,810 Net investment income received 20,573 20,015 Interest and other expenses paid (3,085) (3,131) Income taxes paid (4,881) (5,923) -------- -------- Cash provided by operating activities 40,032 32,771 -------- -------- Cash flows for investing activities: Purchases of fixed maturity investments (72,910) (81,647) Sales of fixed maturity investments 7,936 25,656 Maturities of fixed maturity investments 26,207 20,382 Purchases of equity securities (115) (100) Sales of equity securities 2,375 -- Additions to premises and equipment (407) (270) -------- -------- Cash used for investing activities (36,914) (35,979) -------- -------- Cash flows for financing activities: Issuance of common stock 3,596 247 Repurchase of common stock (1,023) (134) Dividends paid (4,124) (3,624) -------- -------- Cash used for financing activities (1,551) (3,511) -------- -------- Increase(decrease) in cash and cash equivalents 1,567 (6,719) Cash and cash equivalents, beginning of period 6,760 9,784 -------- -------- Cash and cash equivalents, end of period $ 8,327 $ 3,065 ======== ========
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 includes 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 Six Months Ended June 30, June 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Assumed $ 65,503 $ 54,635 $ 129,534 $ 107,932 Ceded (5,232) (4,089) (10,380) (8,009) --------- --------- --------- --------- Net $ 60,271 $ 50,546 $ 119,154 $ 99,923 ========= ========= ========= =========
7 8
Premiums Earned --------------------------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Assumed $ 58,592 $ 47,810 $ 111,427 $ 96,195 Ceded (5,216) (4,112) (10,360) (8,033) --------- --------- --------- --------- Net $ 53,376 $ 43,698 $ 101,067 $ 88,162 ========= ========= ========= =========
Claims and Claims Expenses Incurred --------------------------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------------- ------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Assumed $ 39,579 $ 34,058 $ 75,927 $ 70,646 Ceded (6,804) (5,472) (13,953) (11,053) -------- -------- -------- -------- Net $ 32,775 $ 28,586 $ 61,974 $ 59,593 ======== ======== ======== ========
3. Stock Options and Benefit Plans: For the six months ended June 30, 1996, Trenwick awarded key employees an aggregate of 6,436 shares of common stock under the terms of the 1989 Stock Plan, valued at an average of $51.74 per share (approximately $333,000). Trenwick is recognizing compensation expense determined by the value of the shares, amortized over a five year vesting period. During the six month period, 20,287 shares were repurchased at an average of $50.43 per share (approximately $1,023,000) 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 second quarter consolidated net income of 13% to $8.3 million or $1.22 per share compared to $7.3 million or $1.09 per share in the second quarter of 1995. Consolidated net income was $16.5 million or $2.42 per share in the first half of 1996 compared to $13.8 million or $2.07 per share in the first half of 1995. Fully diluted earnings per share were $1.05 and $2.08 in the second quarter and first half of 1996, respectively, compared to $.95 and $1.81 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 Six Months Ended June 30, June 30, ---------------------------- ------------------------------ 1996 1995 %Change 1996 1995 %Change ---- ---- ------- ---- ---- ------- Operating income $8,335 $7,306 14% $16,484 $13,746 20% Operating income per share: Primary $ 1.22 $ 1.09 12% $ 2.42 $ 2.05 18% Fully diluted $ 1.05 $ .95 11% $ 2.08 $ 1.79 16%
Realized after-tax investment losses in the second quarter of 1996 were $8,000 compared to realized after-tax investment gains of $34,000 in the second quarter of 1995. For the first half of 1996, realized after-tax investment gains were $25,000 compared to $98,000 or approximately $.01 per share for the same period in 1995. 9 10 PREMIUMS Trenwick's net premiums written increased 19% to $60.3 million in the second quarter of 1996 compared to $50.5 million in the same period in 1995. Net premiums written in the first half of 1996 also increased 19% to $119.2 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 Six Months Ended June 30, June 30, ------------------------------------- ------------------------------------- 1996 1995 %Change 1996 1995 %Change ---- ---- ------- ---- ---- ------- CASUALTY Treaty $40,785 $28,849 41% $78,136 $54,605 43% Specialty 11,569 13,478 (14) 21,349 25,071 (15) Facultative 1,592 1,677 (5) 2,946 3,139 (6) -------- -------- --- -------- -------- --- 53,946 44,004 23 102,431 82,815 24 PROPERTY 6,325 6,542 (3) 16,723 17,108 (2) -------- -------- --- -------- -------- --- Total $60,271 $50,546 19% $119,154 $99,923 19% ======== ======== === ======== ======== ===
Trenwick's premium growth in the second quarter and first half of 1996 resulted from an increase in casualty treaty business. This growth was primarily driven by business associated with the senior underwriting executives hired in 1995, including the previously reported strategic reinsurance agreement with Transatlantic Reinsurance Company. This business was developed through existing and new relationships with various reinsurance brokers. Specialty business declined as a result of the non-renewal of certain accounts which did not meet the Company's pricing standards and a decline in business written by certain ceding companies. New casualty business increased 60% and 65% in the quarter and first half of 1996 over the same periods in 1995 and represented approximately 32% and 29% of total premium writings during the periods. Continuing casualty business increased 10% and 11% in the quarter and for the first half of 1996 over the same period in 1995, as a result of increases in participations in renewal transactions and growth in the original business written by several ceding companies. Continuing casualty business represented 57% of the total premium writings during the periods. The Company's property business, representing 11% and 14% of total premium writings for the quarter and first half of 1996, declined marginally. 10 11 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 Six Months Ended June 30, June 30, ------------------- ---------------- 1996 1995 1996 1995 ---- ---- ---- ---- Claims and claims expense ratio 61.4% 65.4% 61.3% 67.6% ---- ---- ---- ---- Expense ratio: Policy acquisition expense ratio 27.6 24.1 26.7 22.6 Underwriting expense ratio 6.3 6.7 7.3 6.6 ---- ---- ---- ---- Total expense ratio 33.9% 30.8% 34.0% 29.2% ---- ---- ---- ---- Combined ratio (GAAP basis) 95.3% 96.2% 95.3% 96.8% ---- ---- ---- ---- Trenwick America Re statutory combined ratio 95.3% 97.6% 94.6% 96.8% ---- ---- ---- ----
As indicated, Trenwick's claims and claims expense ratio improved in the second quarter and first half of 1996 compared to the same periods in 1995. The claims and claims expense ratio in the first half of 1996 includes favorable development of approximately $2.9 million from casualty business written in prior years. INVESTMENT INCOME Net investment income of $10.2 million in the second quarter of 1996 increased 11% compared to $9.2 million for the same period in 1995. Net investment income of $20.1 million in the first half of 1996 increased 13% compared to $17.7 million in the first half of 1995. Pre-tax yields on invested assets averaged 6.5% 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. 11 12 The taxable and non-taxable components of the Company's net investment income, net of investment expenses, were as follows (in thousands):
Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Taxable $ 6,548 $ 5,757 $12,787 $11,029 Non-taxable 3,637 3,436 7,267 6,708 ------- ------- ------- ------- $10,185 $9,193 $20,054 $17,737 ======= ======= ======= ======= Net investment income, after-tax $ 7,929 $7,215 $15,650 $13,975 ======== ====== ======= =======
LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1996, Trenwick's consolidated investments and cash totaled $679.6 million, as compared to $660.0 million at December 31, 1995. The fair value of the Company's fixed maturity portfolio exceeded amortized cost of $647.8 million and $609.8 million by $5.4 million and $23.8 million at June 30, 1996 and December 31, 1995, respectively. At June 30, 1996 and at December 31, 1995, the fair value of the Company's equity securities exceeded cost of $18.0 million and $19.7 million by $3.4 million and $2.9 million, respectively. As of June 30, 1996, Trenwick's consolidated stockholders' equity totaled $245.5 million or $36.63 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 $11.6 million, net of tax, or $1.73 per share, primarily as a result of the increase in interest rates since December 31, 1995. Statutory surplus of Trenwick America Re was $270.6 million as of June 30, 1996, compared to $257.6 million as of December 31, 1995. Cash flow from operations of $40.0 million in the first half of 1996 increased approximately 22% compared to cash flow from operations of $32.8 million in the first half of 1995. The increase in cash flow from operations reflected an overall increase in premium writings. Trenwick declared a second quarter dividend of $.31 per share in 1996, compared to $.28 in the second quarter of 1995. 12 13 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders A total of 5,769,285 shares, or 87.4% of the 6,601,122 shares of common stock outstanding on the March 29, 1996 record date, were represented at the Company's Annual Meeting of Stockholders held on May 23, 1996. Voting results were as follows: On the proposal to elect Messrs. Anthony S. Brown, Donald E. Chisholm, Neil Dunn and P. Anthony Jacobs to serve in Class III until 1999, each of Messrs. Brown, Dunn and Jacobs was elected by an affirmative vote of 5,760,875 shares, with 8,410 shares withheld, and Mr. Chisholm was elected by an affirmative vote of 5,759,594 shares, with 9,691 shares withheld. On the proposal to ratify the appointment of Price Waterhouse LLP as independent accountants for the year ending December 31, 1996, there were 5,760,865 shares voted in favor, 220 shares opposed, 8,200 shares abstaining and no broker non-votes. 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: August 13, 1996 JAMES F. BILLETT, JR. ---------------- ----------------------------------- James F. Billett, Jr. Chairman, President and Chief Executive Officer Date: August 13, 1996 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 Six Months Ended June 30, June 30, -------------------- -------------------- 1996 1995 1996 1995 ---- ---- ---- ---- PRIMARY Average shares outstanding 6,673 6,469 6,634 6,460 Weighted average shares of common stock equivalents associated with stock options, net 144 241 184 240 ------- ------- ------- ------- Total 6,817 6,710 6,818 6,700 ======= ======= ======= ======= Net income $8,327 $7,340 $16,509 $13,844 ======= ======= ======= ======= PER SHARE AMOUNT $1.22 $1.09 $2.42 $2.07 ======= ======= ======= ======= FULLY DILUTED Average shares outstanding 6,673 6,469 6,634 6,460 Weighted average shares of common stock equivalents associated with stock options, net 155 241 185 240 Assumed conversion of 6% convertible debentures 2,134 2,134 2,134 2,134 ------- ------- ------- ------- Total 8,962 8,844 8,953 8,834 ======= ======= ======= ======= Net income $8,327 $7,340 $16,509 $13,844 Add 6% convertible conversion debenture interest net of federal income tax effect 1,056 1,054 2,112 2,107 ------- ------- ------- ------- Total $9,383 $8,394 $18,621 $15,951 ======= ======= ======= ======= PER SHARE AMOUNT $1.05 $.95 $2.08 $1.81 ======= ======= ======= =======
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 SIX MONTHS ENDED JUNE 30, 1996 FOR TRENWICK GROUP INC. 1,000 U.S. DOLLARS 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1 653,211 0 0 18,013 0 0 671,224 8,327 67,695 22,283 876,084 443,306 74,157 0 0 103,500 0 0 670 244,798 876,084 101,067 20,054 39 0 61,974 26,958 10,620 21,608 5,099 0 0 0 0 16,509 2.42 2.08 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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