UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-Q

|X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2002

                                       OR

|_|   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                         Commission File Number 1-12823

                           LaSalle Re Holdings Limited
             (Exact name of registrant as specified in its charter)

                      Bermuda                       Not applicable
          (State or other jurisdiction of           (IRS Employer
          incorporation or organization)        Identification Number)

         Continental Building, 25 Church Street, Hamilton HM12, Bermuda
                    (Address of principal executive offices)

                                  441-292-3339
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports); and (2) has been subject to such
filing requirements for the past 90 days. |X| Yes |_| No

The number of the Registrant's Common Shares (par value $1.00 per share)
outstanding as of May 13, 2002, was 20,432,043.
<PAGE>

                           LaSalle Re Holdings Limited
                               INDEX TO FORM 10-Q

                         PART I - FINANCIAL INFORMATION

                                                                            Page
                                                                            ----
ITEM 1.      Unaudited Consolidated Financial Statements
             Consolidated Balance Sheet
             March 31, 2002 and December 31, 2001                             1

             Consolidated Statement of Operations
             and Comprehensive Income
             Three Months Ended March 31, 2002 and 2001                       2

             Consolidated Statement of Cash Flows
             Three Months Ended March 31, 2002 and 2001                       3

             Consolidated Statement of Changes in Shareholders' Equity
             Three Months Ended March 31, 2002 and 2001                       4

             Notes to Unaudited Consolidated Financial Statements             5

             Management's Discussion and Analysis of
ITEM 2.      Financial Condition and Results of Operations                    7

                       PART II - OTHER INFORMATION

ITEM 1.      Legal Proceedings                                                17

ITEM 2.      Changes in Securities and Use of Proceeds                        17

ITEM 3.      Defaults upon Senior Securities                                  17

ITEM 4.      Submission of Matters to a Vote of Security Holders              17

ITEM 5.      Other information                                                17

ITEM 6.      Exhibits and Reports on Form 8-K                                 17

Signatures                                                                    18

<PAGE>

                           LaSalle Re Holdings Limited
                           Consolidated Balance Sheet
                       (Amounts expressed in thousands of
             United States dollars, except share and per share data)
                      March 31, 2002 and December 31, 2001

                                                      (Unaudited)
                                                          2002        2001
                                                        ---------    --------
ASSETS
Debt securities available for sale, at fair value       $ 481,560    $507,278
Cash and cash equivalents                                  63,770      36,431
Accrued investment income                                   9,867      12,192
Premiums receivable                                       125,341      86,227
Reinsurance recoverable balances                           51,370      57,179
Prepaid reinsurance premiums                               28,186       8,206
Deferred policy acquisition costs                           9,087       4,933
Trenwick Group Ltd. advances                               12,746      11,651
Trenwick Group Ltd. loan                                   75,000      75,000
Reinsurance deposits and other assets                       2,062       3,223
                                                        ---------    --------

Total assets                                            $ 858,989    $802,320
                                                        =========    ========

LIABILITIES
Unpaid claims and claims expenses                       $ 295,789    $280,487
Unearned premium income                                    75,357      34,937
Reinsurance balances payable                               27,144      24,892
Negative goodwill                                              --      11,586
Other liabilities                                          20,756      12,823
                                                        ---------    --------
Total liabilities                                       $ 419,046    $364,725
                                                        ---------    --------

SHAREHOLDERS' EQUITY
Series A preferred shares, $1.00 par value, 3,000,000
  shares issued and outstanding, at liquidation value   $  75,000    $ 75,000
Common shares, $1.00 par value, 20,432,043
  shares issued and outstanding                            20,432      20,432
Additional paid in capital                                292,039     292,039
Retained earnings                                          54,948      45,320
Accumulated other comprehensive income (loss)              (2,476)      4,804
                                                        ---------    --------

Total shareholders' equity                                439,943     437,595
                                                        ---------    --------

Total liabilities and shareholders' equity              $ 858,989    $802,320
                                                        =========    ========

The accompanying notes are an integral part of these statements.


                                        1
<PAGE>

                           LaSalle Re Holdings Limited
          Consolidated Statement of Operations and Comprehensive Income
                                   (Unaudited)
            (Amounts expressed in thousands of United States dollars)
                   Three Months Ended March 31, 2002 and 2001

                                                            2002          2001
                                                          --------       -------
REVENUES
Net premiums earned                                       $ 28,114       $21,628
Net investment income                                        8,335         9,457
Net realized investment gains                                  396         5,585
Negative goodwill accretion                                     --           122
                                                          --------       -------
Total revenues                                              36,845        36,792
                                                          --------       -------

EXPENSES
Claims and claims expenses incurred                         30,188        10,402
Policy acquisition costs                                     3,236         3,732
Underwriting expenses                                        1,488         2,710
Foreign currency losses                                        250           755
                                                          --------       -------
Total expenses                                              35,162        17,599
                                                          --------       -------

Income before cumulative effect of change
  in accounting principles                                   1,683        19,193
Cumulative effect of change
   in accounting for goodwill                               11,586            --
                                                          --------       -------
Net income                                                  13,269        19,193
Preferred share dividends                                    1,641         1,641
                                                          --------       -------
Net income available to
 common shareholders                                      $ 11,628       $17,552
                                                          ========       =======

COMPREHENSIVE INCOME (LOSS)
Net income                                                $ 13,269       $19,193
Other comprehensive income (loss):
   Net unrealized investment gains (losses)                 (7,280)          503
                                                          --------       -------
Comprehensive income                                      $  5,989       $19,696
                                                          ========       =======

        The accompanying notes are an integral part of these statements.


                                       2
<PAGE>

                           LaSalle Re Holdings Limited
                      Consolidated Statement of Cash Flows
                                   (Unaudited)
            (Amounts expressed in thousands of United States dollars)
                   Three Months Ended March 31, 2002 and 2001

                                                          2002           2001
                                                        --------      ---------
OPERATING ACTIVITIES
Premiums collected, net of acquisition costs            $ 32,188      $  25,279
Ceded premiums paid, net of acquisition costs            (26,617)         3,074
Claims and claims expenses paid                          (14,131)       (25,508)
Claims and claims expenses recovered                       5,334             30
Underwriting expenses paid                                (5,392)        (8,939)
                                                        --------      ---------
Cash for underwriting activities                          (8,618)        (6,064)
Net investment income received                             9,880         12,800
Other income received, net of expenses                       742             --
                                                        --------      ---------
Cash from operating activities                             2,004          6,736
                                                        --------      ---------
INVESTING ACTIVITIES
Debt securities sales                                     33,070        166,826
Debt securities maturities                                29,004         15,000
Debt securities purchases                                (33,098)      (192,283)
                                                        --------      ---------
Cash from (for) investing activities                      28,976        (10,457)
                                                        --------      ---------
FINANCING ACTIVITIES

Preferred share dividends paid                            (1,641)        (1,641)
Common share dividends paid                               (2,000)        (1,500)
                                                        --------      ---------
Cash for financing activities                             (3,641)        (3,141)
                                                        --------      ---------

Change in cash and cash equivalents                       27,339         (6,862)

Cash and cash equivalents,
  beginning of period                                     36,431         23,221
                                                        --------      ---------
Cash and cash equivalents, end of period                $ 63,770      $  16,359
                                                        ========      =========

        The accompanying notes are an integral part of these statements.


                                       3
<PAGE>

                           LaSalle Re Holdings Limited
            Consolidated Statement of Changes in Shareholders' Equity
                                   (Unaudited)
            (Amounts expressed in thousands of United States dollars)
                   Three Months Ended March 31, 2002 and 2001

                                                         2002           2001
                                                       ---------      ---------

Shareholders' equity, beginning of period              $ 437,595      $ 464,091

PREFERRED & COMMON SHARES AND
ADDITIONAL PAID-IN CAPITAL                                    --             --

RETAINED EARNINGS
    Net income                                            13,269         19,193
    Preferred share dividends                             (1,641)        (1,641)
    Common share dividends                                (2,000)        (1,500)

ACCUMULATED OTHER COMPREHENSIVE INCOME
    Other comprehensive income (loss)                     (7,280)           503
                                                       ---------      ---------
Shareholders' equity, end of period                    $ 439,943      $ 480,646
                                                       =========      =========

        The accompanying notes are an integral part of these statements.


                                       4
<PAGE>

                           LaSalle Re Holdings Limited
              Notes to Unaudited Consolidated Financial Statements
            (Amounts expressed in thousands of United States dollars)
                   Three Months Ended March 31, 2002 and 2001

Organization & Basis of Presentation

Note 1 Organization

      LaSalle Re Holdings Limited (the "Company") was incorporated on September
      20, 1995 under the laws of Bermuda to act as an investment holding
      company. LaSalle Re Limited ("LaSalle Re") was incorporated on October 26,
      1993 under the laws of Bermuda and commenced operations on November 22,
      1993. LaSalle Re is licensed under the Insurance Act, 1978 as amended by
      the Insurance Amendment Act, 1995 of Bermuda to write insurance business
      and operates as a multi-line reinsurance company, with emphasis on
      property catastrophe business.

      On August 26, 1994, LaSalle Re incorporated a subsidiary company in the
      United Kingdom, to act as a representative office for the Company. In
      addition, on June 11, 1996, LaSalle Re incorporated a subsidiary company
      in Bermuda to provide capital support to selected Lloyd's syndicates.
      Following the Trenwick/LaSalle business combination (see below), the
      Company closed its UK representative office and ceased to actively
      participate as a corporate member in Lloyd's.

      On September 27, 2000, the Company completed a business combination with
      Trenwick Group Ltd. ("Trenwick") and Trenwick Group Inc. Under the terms
      of the business combination, the common shareholders of the Company,
      Trenwick, Trenwick Group Inc., and the minority shareholders of LaSalle Re
      Limited, exchanged their shares on a one-for-one basis for shares in
      Trenwick. Following this transaction, the Company became a wholly owned
      subsidiary of Trenwick.

      Basis of Presentation

      The interim financial statements include the accounts of LaSalle Re
      Holdings Limited and its subsidiaries after elimination of significant
      intercompany accounts and transactions. Certain items in prior financial
      statements have been reclassified to conform to current presentation.

      These interim financial statements have been prepared in conformity with
      accounting principles that are generally accepted in the United States of
      America, sometimes referred to as U.S. GAAP. To prepare these interim
      financial statements, management is required to make estimates and
      assumptions that affect the reported amounts of assets and liabilities and
      disclosure of contingent assets and liabilities at the date of the
      financial statements, as well as the reported amounts of revenues and
      expenses during the reporting periods. Actual amounts may differ from
      these estimates.

      The interim financial statements are unaudited; however, in the opinion of
      management, the interim financial statements include all adjustments,
      consisting only of normal recurring adjustments, necessary for a fair
      statement of the results for interim periods. These interim statements
      should be read in conjunction with the audited financial statements and
      related notes included in the Annual Report on Form 10-K of LaSalle Re
      Holdings Ltd. for the year ended December 31, 2001.


                                       5
<PAGE>

Note 2 Segment Information

      The Company conducts its business in two segments: worldwide property
      catastrophe reinsurance and Lloyd's syndicates. The worldwide property
      catastrophe reinsurance segment, which is written in Bermuda, provides
      reinsurance for property catastrophe and for other lines of business,
      which have similar characteristics, namely high severity and low
      frequency. The Lloyd's syndicates are in runoff.

      The following tables present business segment financial information for
      the Company as of March 31, 2002 and December 31, 2001 and for the three
      months ended March 31, 2002 and 2001.

      Total assets:                                   2002         2001
                                                   ---------    ---------
      Worldwide property catastrophe reinsurance   $ 814,054    $ 765,697
      Lloyd's syndicates                              44,935       36,623
                                                   ---------    ---------
      Total assets                                 $ 858,989    $ 802,320
                                                   =========    =========

      Total revenues:                                   2002         2001
                                                   ---------    ---------
      Worldwide property catastrophe reinsurance   $  37,842    $  32,694
      Lloyd's syndicates                                (997)       4,098
                                                   ---------    ---------
      Total revenues                               $  36,845    $  36,792
                                                   =========    =========

      Net income:                                     2002         2001
                                                   ---------    ---------
      Worldwide property catastrophe reinsurance   $  16,084    $  19,761
      Lloyd's syndicates                              (2,815)        (568)
                                                   ---------    ---------
      Net income                                   $  13,269    $  19,193
                                                   =========    =========

Note 3 Underwriting Activities

      The components of premiums written and earned for the three months ended
      March 31, 2002 and 2001 are as follows:

                                                   2002            2001
                                                 --------        --------
      Gross premiums written                     $ 81,566        $ 60,035
      Ceded premiums written                      (33,011)        (19,164)
                                                 --------        --------
      Net premiums written                       $ 48,555        $ 40,871
                                                 ========        ========

      Gross premiums earned                      $ 41,145        $ 29,528
      Ceded premiums earned                       (13,031)         (7,900)
                                                 --------        --------
      Net premiums earned                        $ 28,114        $ 21,628
                                                 ========        ========

Note 4 Accounting Standards

      Effective January 1, 2002, the Company adopted Statement of Financial
      Accounting Standard No. 142 which amended the accounting for goodwill and
      other intangible assets. This new statement required the Company to credit
      the negative goodwill balance of $11,586 to operations as of January 1,
      2002 as a cumulative effect of change in accounting principle.


                                       6
<PAGE>

      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS

      The following discussion highlights material factors affecting LaSalle Re
      Holdings Limited's results of operations for the three months ended March
      31, 2002 and 2001. This discussion and analysis should be read in
      conjunction with the unaudited interim financial statements and notes
      thereto of LaSalle Re Holdings Limited contained in this filing as well as
      in conjunction with the audited financial statements and related notes
      included in the Annual Report on Form 10-K of LaSalle Re Holdings Ltd. for
      the year ended December 31, 2001.

      Overview

      LaSalle Re Holdings Limited, which is a wholly owned subsidiary of
      Trenwick Group Ltd., primarily writes property catastrophe reinsurance on
      a worldwide basis through its subsidiary, LaSalle Re. Property catastrophe
      reinsurance contracts cover unpredictable events such as hurricanes,
      windstorms, hailstorms, earthquakes, fires, industrial explosions,
      freezes, riots, floods and other man-made or natural disasters. Therefore,
      there can be significant volatility in the Company's results from fiscal
      quarter to quarter and fiscal year to year. Through LaSalle Re Corporate
      Capital, the Company also provided capital support to selected Lloyd's
      syndicates which individually wrote the following lines of business:
      direct and facultative property insurance; marine reinsurance; and
      professional indemnity, directors and officers insurance and bankers
      blanket bond business. The Company ceased to actively underwrite at
      Lloyd's effective December 31, 2000. Therefore, with effect from January
      1, 2001, the Company's financial results will only be impacted by changes
      in estimates relating to open underwriting years results, which are
      currently 1999 through to 2000. Due to the nature of the business written
      by the Company, the financial data included herein is not necessarily
      indicative of the results of operations or financial condition of the
      Company in the future.

      Results of Operations - Three Months Ended March 31, 2002 and 2001

<TABLE>
<CAPTION>
                                                    2002        2001      Change
                                                  --------    --------    --------
                                                           (in thousands)
<S>                                               <C>         <C>         <C>
      Underwriting income (loss)                  $ (6,798)   $  4,784    $(11,582)
      Net investment income                          8,335       9,457      (1,122)
      Foreign currency losses                         (250)       (755)        505
                                                  --------    --------    --------
      Operating income                               1,287      13,486     (12,199)
      Net realized investment gains                    396       5,585      (5,189)
      Accretion of goodwill                             --         122        (122)
      Cumulative effect of change in accounting
        principle                                   11,586          --      11,586
                                                  --------    --------    --------
      Net income                                  $ 13,269    $ 19,193    $ (5,924)
                                                  ========    ========    ========
</TABLE>

      Operating income of $1.3 million in the three months ended March 31, 2002
      represented a $12.2 million decrease compared to operating income of $13.5
      million recorded in the three months ended March 31, 2001. This was
      principally due to


                                       7
<PAGE>

      adverse loss development related to the September 11th terrorist attacks
      as well as reduced investment income. The decrease in investment income in
      2002 was the result of the reduced market yields on the Company's invested
      assets.

<TABLE>
<CAPTION>
                                                     2002        2001       Change
                                                   --------     -------    --------
                                                             (in thousands)
<S>                                                <C>          <C>        <C>
      Net premiums earned                          $ 28,114     $21,628    $  6,486
                                                   --------     -------    --------
      Claims and claims expenses incurred            30,188      10,402      19,786

      Acquisition costs & underwriting  expenses      4,724       6,442      (1,718)
                                                   --------     -------    --------
      Total expenses                                 34,912      16,844      18,068
                                                   --------     -------    --------
      Net underwriting income (loss)               $ (6,798)    $ 4,784    $(11,582)
                                                   ========     =======    ========

      Loss ratio                                      107.4%       48.1%       59.3%
      Underwriting expense ratio                       16.8%       29.8%      (13.0)%
      Combined ratio                                  124.2%       77.9%       46.3%
</TABLE>

      The underwriting loss of $6.8 million in the first quarter of 2002
      represented an $11.6 million decrease compared to the underwriting income
      of $4.8 million in the first quarter of 2001. The increase in underwriting
      loss as well as the increase in the combined ratio was primarily due to
      adverse loss development of $25.7 million resulting from the September
      11th terrorist attacks partially offset by related premiums paid to the
      Company to reinstate coverage following the September 11th terrorist
      attacks.

      Premiums written

      Gross premiums written for the first three months of 2002 were $81.5
      million compared to $60.0 million for the first three months of 2001, an
      increase of $21.5 million or 35.8%. Details of gross premiums written are
      provided below:

                                        2002       2001       Change
                                       -------   --------    -------
                                              (in thousands)
      Property catastrophe
        U.S                            $39,191   $ 30,214    $ 8,977
        International                   29,398     21,689      7,709
                                       -------   --------    -------
      Total property catastrophe        68,589     51,903     16,686
      Other lines                       10,545      8,924      1,621
      Lloyd's                              228         --        228
      Fronted premiums, premium
        adjustments, reinstatement
        premiums & no claims bonuses     2,204       (792)     2,996
                                       -------   --------    -------
      Gross premiums written           $81,566   $ 60,035    $21,531
                                       =======   ========    =======


                                       8
<PAGE>

      The Company's property catastrophe book experienced an increase in gross
      premiums written of $16.7 million for the three months ended March 31,
      2002 compared to the three months ended March 31, 2001. This increase is
      indicative of the Company's refocus on catastrophe business and an
      increasing rate environment.

      For the three months ended March 31, 2002, gross premiums written in lines
      of business other than property catastrophe totaled $10.5 million compared
      to $8.9 million for the three months ended March 31, 2001.

      The Company no longer underwrites at Lloyd's. There was a small adjustment
      booked in respect of open underwriting years for the three months ended
      March 31, 2002. There were no gross premiums written in the three months
      ended March 31, 2001.

      During the three months ended March 31, 2002, the Company received
      reinstatement premiums of $2.6 million and paid no claims bonuses of $(.4)
      million compared to net negative adjustments to premium in respect of
      fronted contracts, premium adjustments, reinstatement premiums and no
      claims bonuses of $(0.8) million for the three month period ended March
      31, 2001. The reinstatement premiums received in the first quarter of 2002
      related to the September 11th terrorist attacks.

      Premiums earned

                                            2002        2001       Change
                                          --------    --------    --------
                                                  (in thousands)
      Gross premiums written              $ 81,566    $ 60,035    $ 21,531

      Change in gross unearned premiums    (40,421)    (30,507)     (9,914)
                                          --------    --------    --------
      Gross premiums earned                 41,145      29,528      11,617
                                          --------    --------    --------

      Gross premiums ceded                 (33,011)    (19,164)    (13,847)

      Change in ceded unearned premiums     19,980      11,264       8,716
                                          --------    --------    --------
      Ceded premiums earned                (13,031)     (7,900)     (5,131)
                                          --------    --------    --------
      Net premiums earned                 $ 28,114    $ 21,628    $  6,486
                                          ========    ========    ========

      Gross premiums ceded for the three months ended March 31, 2002 were $33.0
      million compared to $19.2 million for the three months ended March 31,
      2001. The increase of $13.8 million was due to a change in the Company's
      reinsurance program for 2002 compared to 2001 in order to reduce the
      Company's exposure to any single event loss.

      Net premiums earned for the three months ended March 31, 2002 were $28.1
      million compared to $21.6 million for the three months ended March 31,
      2001. The increase of $6.5 million was principally due to net
      reinstatement premiums earned that resulted from the September 11th
      terrorist attacks and rates increases.


                                       9
<PAGE>

      Claims and claims expenses

      Claims and claims expenses for the three months ended March 31, 2002 were
      $30.2 million compared to $10.4 million for the same period in 2001, an
      increase of $19.8 million. The increase in claims and claims expenses in
      2002 resulted from adverse loss development related to the September 11th
      terrorist attacks of $25.7 million offset by loss reserve redundancies
      noted in the Company's actuarial review for the three months ended March
      31, 2002. The adverse development relating to the September 11th terrorist
      attacks is as a result of an independent actuarial review and updated
      cedant loss estimates received. The Company did not experience any large
      losses during the three months ended March 31, 2002.

      Underwriting expenses

                                            2002       2001       Change
                                           ------     ------     -------
                                                 (in thousands)
      Policy acquisition costs             $3,236     $3,732     $  (496)
      Underwriting costs                    1,488      2,710      (1,222)
                                           ------     ------     -------
      Total underwriting expenses          $4,724     $6,442     $(1,718)
                                           ======     ======     =======

      Underwriting expense ratio             16.8%      29.8%      (13.0)%
                                           ======     ======     =======

      Total underwriting expenses, comprising policy acquisition costs and
      underwriting expenses for the first quarter of 2002 decreased $1.7 million
      compared to underwriting expenses for the first quarter of 2001. Policy
      acquisition costs are lower as the Company's business mix in 2002 is more
      heavily weighted to excess of loss contracts that have lower acquisition
      costs than quota share contracts. Underwriting costs have declined due to
      lower compensation costs. In addition to lower costs, the underwriting
      expense ratio has also declined from improved reinsurance market pricing.

  Net investment income

                                             2002          2001         Change
                                          ---------     ---------     --------
                                                      (in thousands)
      Average invested assets             $ 619,520     $ 561,648     $ 57,872
      Average annualized yields                 5.6%          6.5%        (0.9)%
                                          ---------     ---------     --------
      Investment income - portfolio       $   8,662     $   9,212     $   (550)

      Investment income - non-portfolio        (171)          433         (604)
      Investment expenses                      (156)         (188)          32
                                          ---------     ---------     --------
      Net investment income               $   8,335     $   9,457     $ (1,122)
                                          =========     =========     ========

      Net investment income for the three months ended March 31, 2002 was $8.3
      million compared to $9.4 million for the same period in 2001. The decrease
      of $1.1 million was due to lower market yields that were partially offset
      by a greater amount of invested assets.


                                       10
<PAGE>

      Foreign currency losses

      The Company recorded foreign currency losses of $0.2 million for the three
      months ended March 31, 2002, compared to losses of $0.8 million for the
      three months ended March 31, 2001. The decline in the value of the Euro
      against the U.S. dollar caused the loss for the three months ended March
      31, 2002.

      Non-operating income and expenses

      Net realized gains on investments were $0.4 million during the three
      months ended March 31, 2002, compared to $5.6 million for the three months
      ended March 31, 2001. The gains in 2001 were a result of security sales
      executed pursuant to an investment policy designed to protect the total
      returns on the portfolio.

      The Company has adopted Statement of Financial Accounting Standard No. 142
      to account for its negative goodwill. As a result, the Company wrote-off
      its negative goodwill in the three month period ended March 31, 2002. This
      had the effect of increasing net income by $11.6 million as a cumulative
      effect of a change in accounting principle.

      Liquidity and Capital Resources

      As of March 31, 2002, the Company's consolidated investments and cash
      totaled $620.3 million as compared to $618.8 million at December 31, 2001
      which included a loan to Trenwick Group Limited of $75 million. Interest
      is charged on this loan at a rate equal to that generated by the Company's
      investment portfolio and the loan is repayable upon demand.

      As of March 31, 2002, the Company's consolidated shareholder equity
      totaled $439.9 million compared to $437.6 million at December 31, 2001.
      During the three months ended March 31, 2002, the unrealized depreciation
      of debt securities increased by $7.3 million resulting from devaluation of
      corporate bonds caused by higher market yields.

      Cash provided by the Company's operating activities for the three months
      ended March 31, 2001 was $2.0 million compared to cash provided of $6.7
      million in the comparable period of 2001. The reduction of cash flow from
      operations was due primarily to an overall increase in premiums ceded
      offset by lower claims and claims expenses paid.

      Net cash provided by investing activities during the three months ended
      March 31, 2002 was $29.0 million compared to $10.4 million used for
      investing activities for the same period in 2001. The increase of $39.4
      million results from the timing of investments made by the Company and the
      timing of payments for claims and claims expenses.

      Net cash used in financing activities during the three months ended March
      31, 2002 included $2.0 million of dividends paid to common shareholders,
      an increase of $0.5 million over the comparable period in 2001 and $1.6
      million of dividends to preferred shareholders which was comparable to the
      2001 period.


                                       11
<PAGE>

      Financings, Financing Capacity and Capitalization

      Concurrent with the Trenwick/LaSalle business combination, Trenwick
      America Corporation and Trenwick Holdings Limited, the Company's U.S. and
      U.K. holding affiliates, entered into an amended and restated $490 million
      credit agreement with various lending institutions. The credit agreement
      consisted of both a $260 million revolving credit facility and a $230
      million letter of credit facility. The revolving credit facility has
      subsequently been converted into a four-year term loan. Trenwick America
      Corporation is the primary obligor with respect to the revolving credit
      facility, and Trenwick Holdings Limited is the primary obligor with
      respect to the letter of credit facility. Guarantees are provided by the
      Company and Trenwick Group Ltd. with respect to both Trenwick America
      Corporation's and Trenwick Holdings Limited's obligations and additionally
      by Trenwick America Corporation with respect to Trenwick Holdings
      Limited's obligations. The term loan facility is subject to scheduled
      principal amortization over the four-year period in accordance with the
      following schedule: 2002, 22.5%; 2003, 27.5%; 2004, 32.5%; 2005, 17.5%.
      The applicable interest rate on borrowings under the credit facility is
      generally 2.5% above the London Interbank Offered Rate and was 4.6% at
      March 31, 2002.

      Trenwick America Corporation is obligated to repay a portion or all of the
      term loan in the event of equity issuances, asset sales or debt issuances
      by Trenwick Group Ltd. or its subsidiaries. At March 31, 2002, $195.0
      million of term loans were outstanding, and $230.0 million of letters of
      credit were outstanding under the credit facility.

      The credit agreement contains general covenants and restrictions as well
      as financial covenants relating to, among other things, Trenwick Group
      Ltd.'s minimum interest coverage, debt to capital leverage, minimum earned
      surplus, maintenance of a minimum A.M. Best Company rating of A- and
      tangible net worth. As of March 31, 2002, Trenwick Group Ltd. was in
      compliance with the credit agreement covenants.

      On April 12, 2002, Trenwick Group Ltd., its subsidiaries and financial
      institutions holding a majority of the outstanding indebtedness under the
      credit facility executed an amendment to the credit facility. The
      amendment required Trenwick Group Ltd. to pledge its shares of the Company
      and LaSalle Re in favor of the lenders under the credit facility. In
      addition, the amendment revised the financial covenants relating to
      interest coverage and tangible net worth (each as defined by the financial
      covenants in the credit agreement). The amendment set Trenwick Group
      Ltd.'s minimum interest coverage ratio at 1.25 to 1 for the first quarter
      of 2002, 1.5 to 1 for the second quarter of 2002, 1.75 to 1 for the third
      quarter of 2002 and 2.5 to 1 thereafter. Trenwick Group Ltd.'s interest
      coverage ratio for the quarter ending March 31, 2002 was 2.1 to 1. The
      amendment adjusted the minimum tangible net worth Trenwick Group Ltd. must
      maintain to the following base amounts plus 50% of net income earned
      during the period:


                                       12
<PAGE>

                                                          Minimum Tangible Net
             Time Period                                  Worth
             -----------                                  --------------------

             Through May 15, 2002                             $450,000,000
             From May 16, 2002 to August 14, 2002             $475,000,000
             From August 15, 2002 to November 14, 2002        $525,000,000
             From November 15, 2002 to March 30, 2003         $550,000,000
             Thereafter                                       $560,000,000

      Trenwick Group Ltd.'s tangible net worth as of March 31, 2002 was $489.4
      million.

      A previous amendment adjusted downward the minimum risk-based capital
      requirement for Trenwick Group Ltd.'s subsidiary, Chartwell Insurance
      Company, from 300% to 225% through December 31, 2002. Thereafter, the
      minimum risk-based capital for Chartwell Insurance Company returns to
      300%. The risk-based capital for Chartwell Insurance Company as of
      December 31, 2001 was 257%

      Trenwick Group Ltd.'s ability to refinance its existing debt obligations
      or raise additional capital is dependent upon several factors, including
      financial conditions with respect to both the equity and debt markets and
      the ratings of its securities as established by the rating agencies.
      Following Trenwick Group Ltd.'s claims and claims expense liability
      reserve increase in the second quarter of 2001 and the losses it sustained
      in the September 11th terrorist attacks, its senior debt ratings were
      downgraded by Standard & Poor's Corporation to BBB- and by Moody's
      Investors Service to Ba2. Trenwick Group Ltd.'s ability to refinance its
      outstanding debt obligations, well as the cost of such borrowings, could
      be adversely affected by these ratings downgrades or if its ratings were
      downgraded further.

      Should Trenwick Group Ltd. be unable to meet the loan repayments as they
      fall due, and such repayments are not refinanced, the Company would become
      liable for such repayments under the terms of the guarantees. No liability
      for any such amounts has been reflected in the Company's financial
      statements. Because Trenwick America Corporation, Trenwick Holdings Ltd.
      and Trenwick Group Ltd. are holding companies, their principal source of
      funds consists of permissible dividends, tax allocation payments and other
      statutorily permissible payments from their respective operating
      subsidiaries. As a result of recent losses incurred by Trenwick Group
      Ltd.'s operating subsidiaries, their cash distribution capacities have
      been significantly reduced.

      Quantitative and Qualitative Disclosure About Market Risk

      The Company has reviewed the change in its exposure to market risks since
      December 31, 2001. In addition, the components of its investment holdings
      and its risk management strategy and objectives have not materially
      changed. Therefore, the Company believes that the potential for loss in
      each market risk sector described in the 2001 Annual Report on Form 10-K
      has not materially changed.


                                       13
<PAGE>

      Safe Harbor Disclosure

      In connection with the "safe harbor" provisions of the Private Securities
      Litigation Reform Act of 1995, the Company sets forth below cautionary
      statements identifying important risks and uncertainties that could cause
      its actual results to differ materially from those that might be
      projected, forecasted or estimated in its "forward-looking statements"
      within the meaning of Section 27A of the Securities Act of 1933 and
      Section 21E of the Securities Exchange Act of 1934, made by, or on behalf
      of, the Company in this Quarterly Report on Form 10-Q and in press
      releases, written statements or documents filed with the Securities and
      Exchange Commission, or in its communications and discussions with
      investors and analysts in the normal course of business through meetings,
      telephone calls and conference calls. Such statements may include, but are
      not limited to, projections of premium revenue, investment income, other
      revenue, losses, expenses, earnings (including earnings per share), cash
      flows, plans for future operations, common shareholders' equity (including
      book value per share), investments, financing needs, capital plans,
      dividends, plans relating to products or services of the Company and
      estimates concerning the effects of litigation or other disputes, as well
      as assumptions for any of the foregoing and generally expressed with words
      such as "believes", "estimates", "expects", "anticipates", "plans",
      "projects", "forecasts", "goals", "could have", "may have", and similar
      expressions.

      Forward-looking statements involve known and unknown risks and
      uncertainties, which may cause the Company's results to differ materially
      from such forward-looking statements. These risks and uncertainties
      include, but are not limited to, the following:

-     Changes in the level of competition in the United States and international
      reinsurance or primary insurance markets that affect the volume or
      profitability of the Company's property/casualty business. These changes
      include, but are not limited to, changes in the intensity of price
      competition, the entry of new competitors, existing competitors exiting
      the market and the development of new products by new and existing
      competitors;

-     Changes in the demand for reinsurance, including changes in ceding
      companies' risk retentions and changes in the demand for excess and
      surplus lines insurance coverages;

-     The ability of the Company to execute its strategies in its
      property/casualty operations;

-     Catastrophe losses in the Company's United States and international
      property/casualty businesses;

-     Adverse development on property/casualty claims and claims expense
      liabilities related to business written in prior years, including, but not
      limited to, evolving case law and its effect on environmental and other
      latent injury claims, changing government regulations, newly identified
      toxins, newly reported claims, new theories of liability or new insurance
      and reinsurance contract interpretations, particularly with regards to the
      September 11th terrorist attacks;


                                       14
<PAGE>

-     Changes in inflation that affect the profitability of the Company's
      current property/casualty business or the adequacy of its
      property/casualty claims and claims expense liabilities and policy benefit
      liabilities related to prior years' business;

-     Changes in the Company's retrocessional arrangements;

-     Lower than estimated retrocessional or reinsurance recoveries on unpaid
      losses, including, but not limited to, losses due to a decline in the
      creditworthiness of the Company's retrocessionaires or reinsurers;

-     Increases in interest rates, which may cause a reduction in the market
      value of the Company's fixed income portfolio, and its common
      shareholders' equity;

-     Decreases in interest rates which may cause a reduction of income earned
      on cash flow from operations and the reinvestment of the proceeds from
      sales or maturities of existing investments;

-     Changes in the composition of the Company's investment portfolio;

-     Credit losses on the Company's investment portfolio;

-     Adverse results in litigation matters, including, but not limited to,
      litigation related to environmental, asbestos and other potential mass
      tort claims;

-     The passage of United States federal or state legislation subjecting the
      Company and its subsidiaries to United States taxation;

-     A contention by the United States Internal Revenue Service that the
      Company is subject to United States taxation;

-     The impact of mergers and acquisitions;

-     Gains or losses related to changes in foreign currency exchange rates;

-     Changes in the Company's capital needs;

-     The ability of Trenwick Group Ltd. to refinance or repay its outstanding
      indebtedness; and

-     Changes in the financial strength ratings.

      In addition to the factors outlined above that are directly related to the
      Company's businesses, the Company is also subject to general business
      risks, including, but not limited to, adverse legislation and regulation,
      adverse publicity or news coverage, changes in general economic factors
      and the loss of key employees.


                                       15
<PAGE>

      The facts set forth above should be considered in connection with any
      forward-looking statement contained in this Quarterly Report on Form 10-Q.
      The important factors that could affect such forward-looking statements
      are subject to change, and the Company does not intend to update any
      forward-looking statement or the foregoing list of important factors. By
      this cautionary note the Company intends to avail itself of the safe
      harbor from liability in respect of forward-looking statements provided by
      Section 27A and Section 21E referred to above.


                                       16
<PAGE>

                           LaSalle Re Holdings Limited
                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

      LaSalle Re Holdings Limited is party to various legal proceedings arising
      in the normal course of its business. LaSalle Re Holdings Limited does not
      believe that the eventual outcome of any such proceeding will have a
      material effect on its financial condition or business. LaSalle Re
      Holdings Limited's subsidiaries are regularly engaged in the investigation
      and defense of claims arising out of the conduct of their business.
      Pursuant to LaSalle Re Holdings Limited's insurance and reinsurance
      arrangements, disputes are generally required to be finally settled by
      arbitration.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

      None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

      None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      None.

ITEM 5. OTHER INFORMATION

      None.

ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K.

      (a)   Exhibits - None.

      (b)   There were no filings on Form 8-K during the quarter.


                                       17
<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.

                               LaSalle Re Holdings Limited


      Date:  5/15/02           By: /s/ Guy D. Hengesbaugh
                                  ---------------------------------------
                                  Name: Guy D. Hengesbaugh
                                  Title: President & Chief Executive Officer


                                       18