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million, or more than double what Trenwick wrote in 1998 before the merger.10

Thus,

the acquisition was a major one.

After the merger, Trenwick reorganized itself into four operating units by

rationalizing its holding company structure to take into account both the Chartwell and

the prior Sorema transaction. The reorganization appears to have occurred primarily

along functional and geographic lines.

The principal operating units and their functions thus became:

Domestic Reinsurance – This unit comprised the domestic reinsurance operations of the company and included both Trenwick’s former domestic reinsurance business and the reinsurance business of Chartwell Reinsurance Company. Trenwick America was in this business line. The financials of Trenwick, the parent, aggregated all the business in this line, including those under the Trenwick America name.

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International Reinsurance and Specialty Insurance – This unit sold global

Chartwell Managing Agents (Management of Lloyds Syndicates) – This unit was comprised of the Lloyd’s syndicates formerly controlled by Chartwell.

Domestic Specialty Insurance – Canterbury Financial Group, Inc. was the name given to the U.S. specialty insurance businesses acquired from Chartwell. Those businesses, Insurance Corporation of New York and Dakota, were placed as subsidiaries under Canterbury.

Trenwick

reinsurance and specialty reinsurance International was in this business line.

internationally.

10 11

Hefter Decl. Ex. B Ex. 99.2 at 2 (Trenwick 8-K filed June 25, 1999). Trenwick’s 10-K is clear that the reinsurance business of Chartwell Reinsurance Company

was assumed by Trenwick America and that the 1999 financials of Trenwick America include the reinsurance business of Chartwell Re and its subsidiaries. Hefter Decl. Ex. A. at 1-2 (Trenwick 10-K filed Aug. 22, 2000). But what is not clear from Trenwick’s 10-K is whether

the Chartwell Reinsurance Company formally moved to become a subsidiary of Trenwick

America or whether Chartwell’s reinsurance business was a separate sister company that merely

began operating in the same business line as Trenwick America.

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