Troubled Bermuda-based insurer Trenwick has had its Fitch ratings withdrawn after it announced last week that it had defaulted on some of its debt obligations and announced bankruptcy proceedings.

On Monday the rating agency said it had withdrawn its long-term and senior debt rating on Trenwick America Corp. (TAC) and its long-term ratings on the group. Fitch also withdrew its long-term and preferred stock rating on Trenwick's LaSalle Re Holdings, Ltd.'s its rating on Trenwick Capital Trust I's (TCT) capital securities.

In a press release Fitch said its rating action followed Trenwick's August 7 announcement that it had signed a letter of intent to restructure its debt obligations. The restructuring included a Chapter 11 bankruptcy filing in the US and similar proceedings in Bermuda, Barbados and the UK.