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Trenwick America Re. Trenwick America Re was wholly-owned by a direct, wholly-

owned subsidiary of Trenwick called Trenwick America Corporation — that is,

“Trenwick America.” As of 1997, the business Trenwick conducted through Trenwick

America Re was its sole business, and Trenwick reported assets of almost $1.9 billion,

stockholders’ equity of almost $358 million, and a book value of $29.93 per share.6

2. The 1998 Transaction: Trenwick Expands Into The International Markets By Acquisition

In 1998, Trenwick entered the international insurance markets for the first time.

In February of that year, Trenwick acquired Sorema (UK) Limited. Like the existing

domestic operations of Trenwick, Sorema’s business consisted primarily of underwriting

reinsurance. But Sorema also wrote certain specialty insurance policies. Upon

acquisition, Trenwick renamed Sorema “Trenwick International Limited.” Trenwick

International Limited immediately became a major part of Trenwick’s overall business.

As of December 31, 1998, Trenwick had assets of almost $ 1.4 billion,

stockholders’ equity of almost $348 million, and a book value of $31.49 per share.7

3. The 1999 Transaction: Trenwick Expands Again Through The Acquisition Of Chartwell

In October 1999, Trenwick consummated another major acquisition. That

acquisition is challenged by the Litigation Trust in the complaint and therefore it is

important to understand its precise nature.

6 7

Hefter Decl. Ex. G at 10 (Trenwick Form S-4 filed Aug. 23, 2000). Hefter Decl. Ex. G at 10 (Trenwick Form S-4 filed Aug. 23, 2000).

10

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