Troubled Bermuda-based insurer Trenwick Group may be delisted from the New York Stock Exchange within six months because its share price has fallen below the exchange's minimum requirement.

Trenwick said on Sunday that it has been notified by the NYSE that its common stock could be subject to trading suspension and a delisting because the average share price of its common stock for the previous 30 days has been below $1.

The NYSE requires a company's common stock trade at a minimum average share price of $1 over a 30-day period for continued listing.

Shares of Trenwick closed at 39 cents on the NYSE on Friday.

Under the NYSE guidelines, Trenwick must meet the criteria for continued listing within six months following receipt of the notification, or its common stock could face trading suspension or a delisting.

The NYSE also told Trenwick it may review the continued listing status of the Series A Perpetual Preferred Stock of LaSalle Re Holdings Ltd., its Bermuda-based subsidiary.

Last week, Trenwick announced that it had lost $198.1 million or $5.39 per share for the fourth quarter of 2002, compared to a net loss of $26.4 million or $0.72 per share for the fourth quarter of 2001 after taking more than $200 million in charges to increase loss reserves, for tax reasons and for reasons related to its sale of the in-force business of LaSalle Re Limited to Endurance Specialty Holdings Ltd.

Trenwick also reported a net loss for all of 2002 of $386.1 million or $10.49 per share, compared to a net loss of $154.4 million or $4.19 per share in 2001. This included charges of more than $390 million, also for loss reserves, tax reasons and for reasons related to the LaSalle sale.

Trenwick's stock has been in steady decline since last April when the stock was trading above $10. Yesterday it slipped to 36 cents.