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The defendants in this case can be divided into three general groups: 1) the former

directors of Trenwick,2 the parent corporation; 2) the former directors of Trenwick

America;3 and 3) certain former advisors of Trenwick.4

  • B.

    The History Of The Trenwick Companies Leading Up To This Litigation

    • 1.

      What Was Trenwick As Of The Beginning Of 1998?

The amended complaint (“complaint”) is a confusing muddle, laden with

irrelevancies, and failing to set forth a coherent course of events. From the murk of the

complaint, and certain public documents it relies upon, I will attempt to craft a more

understandable rendition of Trenwick’s relevant history.

Critical to that endeavor is establishing a baseline understanding of what Trenwick

was before the transactions that the Litigation Trust attacks occurred. As of the

beginning of 1998, Trenwick was a specialty insurance underwriting organization. Its

shares were listed on the New York Stock Exchange. Trenwick did not have a

controlling stockholder or anything close to one.

At that time, Trenwick’s principally operated in the domestic United States as a

provider of so-called “treaty reinsurance” to American insurers of property and casualty

risks.5 Trenwick conducted this business through an indirect, wholly-owned subsidiary,

2 Defendants serving on the board of directors for Trenwick at various times were: James F. Billett, Jr.; Anthony S. Brown; Richard E. Cole; Robert M. DeMichele; Frank E. Grzelecki; P. Anthony Jacobs; Joseph D. Sargent; Frederick D. Watkins; and Stephen R. Wilcox.

3 Defendants serving on Trenwick America’s board of directors were: James F. Billett, Jr.; Stephen H. Binet; Paul Fedsher; Robert A. Giambo; Alan L. Hunte; and James E. Roberts.

4 The professional advisors named as defendants are Ernst & Young, L.L.P.; PriceWaterhouseCoopers, L.L.C.; Baker & McKenzie, L.L.P.; and Milliman, Inc.

5 Trenwick also sold some so-called facultative reinsurance as of that point, but it was a small portion of its business.


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