Trenwick Group has reported net losses of $96.1 million for the third quarter of this year.

The company has attributed the massive loss for the third quarter - and net loss of $128 million for the first nine months of the year - to the events of September 11.

Trenwick's third quarter net income for 2000 was $6.9 million, or $2.7 million for the first nine months of 2000.

Trenwick President James Billett said: "While the insurance industry and Trenwick experienced the largest catastrophe in history this past quarter, our loss was within our planned expectations for an industry loss of this magnitude. I believe the demand for many of the insurance and reinsurance products in which we specialise will outstrip the supply of capacity in the near term and that Trenwick will be a significant beneficiary of these markets," he said.

As of September 30, 2001 Trenwick's consolidated common shareholders' equity was $547 million or $14.84 per share. This represents a $66.9 million drop compared to equity for the second quarter, which stood at $613.9 million or $16.66 per share at June 30, 2001.

Operating results for the third quarter of 2000 reflect operating losses of $93.5 million or $2.54 per diluted share. The company reports its results were adversely affected by $99 million or $2.69 per share of abnormal catastrophe losses principally arising from the September 11 terrorist attacks. And losses of Lloyd's syndicates in runoff included in Trenwick's operating results for the third quarter were $5.1 million, and $10.1 million for the first nine months of the year.