third quarter of 1999 has been presented to shareholders of Bermuda-based speciality reinsurers Trenwick Group Ltd. for the third quarter of 2000.

The figures released by the company reflect only the operating results of LaSalle Re Holdings Ltd because the merger of the two companies occurred at the end of the third quarter of 2000. The transaction has been treated as a purchase of Trenwick Group Inc. for accounting purposes.

Trenwick reported only the results of operations of LaSalle for all periods prior to September 30, 2000. Trenwick's balance sheet data as of September 30, 2000, however, reflects the combined financial position of LaSalle and Trenwick Group Inc.

Trenwick Group Ltd. reported net income of $6.9 million or $0.44 per diluted share for the third quarter of 2000, compared to a net loss of $4.9 million or $0.31 per diluted share for the third quarter of 1999.

Trenwick's shares closed up 5 to $20.75 on volume of 290,000 shares in trading on the New York Stock Exchange yesterday.

Company president and CEO, James F. Billett Jr. said: "We believe the new Trenwick, with its strengthened balance sheet, enlarged capital position, greater business diversity, agility and underwriting discipline, is exceptionally well prepared for realising the benefits of the improving market conditions in insurance and reinsurance.'' Core operating earnings for Trenwick in the third quarter of 2000 were $9.6 million or $0.47 per share compared to a core operating loss of $4.6 million or $0.24 per share for the third quarter of 1999. Trenwick defines core operating earnings as income before minority interest and excluding realized investment gains/losses, foreign currency ins/losses and reorganization expenses.

For the first nine months of 2000, Trenwick's net income amounted to $2.7 million or $0.17 per share, compared to a loss of $13.4 million or $0.85 per share for the first nine months of 1999. Trenwick's core operating income for the first nine months of 2000 was $8.8 million or $0.42 per share compared to an operating loss of $14.8 million or $0.72 per share for the same period in 1999.

Trenwick's consolidated gross premium writings for the third quarter and first nine months of 2000 totaled $25.3 million and $122.6 million, respectively, compared to $17.8 million and $127.2 million respectively for the third quarter and first nine months of 1999.

Trenwick's net premium writings in the third quarter and first nine months of 2000 totaled $16.3 million and $92.1 million, respectively, compared to $16.6 million and $100.0 million for the third quarter and first nine months of 1999, respectively.

The slight decrease in Trenwick's net written premiums for the first nine months of 2000 reflects both a reduction in gross premiums written, due to a planned reduction in aggregate exposures, and an increase in the amount of reinsurance protections purchased.

Trenwick's combined loss and expense ratio for the third quarter and first nine months of 2000 was 93 percent and 116 percent, respectively, compared to 152 percent and 138 percent, respectively, for the same periods in 1999.

The decrease in Trenwick's combined ratio resulted primarily from the absence of any major catastrophic loss events during the current quarter compared to three major catastrophic loss events in the same period in 1999.

Trenwick's board of directors also authorised a stock repurchase program. The programme provides the company with the ability to repurchase 1 million of its outstanding common shares.

The repurchase of shares, to be conducted in the open market or in privately negotiated transactions, will be dependent upon market conditions.