joined together to form a Bermuda company.

Trenwick Group Inc., LaSalle Re Holdings Limited and LaSalle Re Limited will now become one under a Bermuda holding company.

The three companies announced that their respective shareholders each adopted and approved at their special meetings the business combination that will combine their operations under Trenwick Group Ltd.

Under the terms of the business combination Trenwick, LaSalle and LaSalle Re shareholders will each receive shares in the newly formed Trenwick Group Ltd.

on a one-for-one basis.

The transaction will be tax-free to shareholders of each company. The business combination remains subject to the fulfilment of the closing conditions set forth in the agreement governing the business combination. Upon sealing the deal, Trenwick Group Ltd. will become a Bermuda holding company with five principal operating units.

Trenwick America Re provides reinsurance to US insurance companies for property and casualty risks.

Trenwick International underwrites treaty and facultative reinsurance as well as specialty insurance on a worldwide basis.

LaSalle Re is a property and casualty reinsurer writing worldwide specialist products with an emphasis on catastrophe coverage.

Canterbury Financial Group underwrites specialty property and casualty primary insurance programmes through managing general agents.

Chartwell Managing Agents manages three underwriting syndicates at Lloyds. All of Trenwick Group Inc.'s principal insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company, an independent insurance rating organisation.

Standard & Poor's Rating Services rates the financial strength of Trenwick's principal insurance and reinsurance subsidiaries as A plus (Good).