Trenwick Group Ltd. last night reported a net loss of $623,000, or two cents per share, for the first quarter ended March 31, compared to $54.6 million, or $1.47 per share, for the year-ago period.

The net loss includes $1.2 million of charges related to professional and other fees connected to restructure the company's indebtedness.

The loss also included $6.2 million of letter of credit fees, and increase of $4.6 million related to the underwriting facility with Chubb Re.

Also included is a charge of $23 million from additional underwriting losses from the September 11, 2001 terrorist attacks.

The company's gross and net premium writings totaled $257.8 million and $192.3 million, respectively, compared to $465.6 million and $317.2 million during year-ago period.

The decrease in premium writings is a result of the sale of the in-force property catastophe reinsurance business of Trenwick's Bermuda-based unit LaSalle Re Limited in April, 2002, and Trenwick's decision to cease underwriting US specialty programme insurance and UK specialty insurance and reinsurance.