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Trenwick Group seeks $55 million from European Re

Trenwick Group Ltd. has started an arbitration proceeding seeking $55 million in damages and other relief against European Reinsurance Company of Zurich, a subsidiary of Swiss Reinsurance Company.The claims arise out of European Re's alleged failure to meet its obligations under a Catastrophe Equity Securities Issuance Option Agreement with Trenwick, stated a Trenwick press release dated July 1.