Completion of PRO acquisition
November 20 2009 - 9:43AM
UK Regulatory
TIDMTAW
RNS Number : 8668C
Tawa PLC
20 November 2009
Tawa plc
Completion of PRO acquisition
Tawa plc ("Tawa"), the UK listed run-off investor, announces that following
receipt of FSA approval, it has today, 20 November 2009, completed its
acquisition of the PRO Group companies comprising PRO Insurance Solutions Ltd,
PRO IS, Inc and Participant Run-off (PRO) Iberica, SLU from Swiss Reinsurance
Group.
The final initial cash consideration is GBP5 million. Deferred cash
consideration of up to GBP12 million is dependent on PRO's earnings over the
five years to 31 December 2014. Prior to completion, Swiss Re received dividends
of GBP20.9 million from the PRO companies.
David Vaughan, Tawa's Chief Operating Officer, will replace Lee Brandon on an
interim basis as PRO's Chief Executive Officer, subject to FSA approval. Mr
Brandon will also step down as a director of PRO Insurance Solutions Ltd and
will continue to support PRO in a consultancy capacity.
=-ENDS-
Enquiries:
+-----------------------------------------------------------+----------------+
| Gilles Erulin, Chief Executive, Tawa plc | 020 7068 8000 |
+-----------------------------------------------------------+----------------+
| Jason Richards, Swiss Re | +45 33979408 |
+-----------------------------------------------------------+----------------+
| Peter Rigby or Alex Parry, Haggie Financial LLP | 020 7417 8989 |
+-----------------------------------------------------------+----------------+
| Guy Wiehahn or Oliver Stratton, KBC Peel Hunt (Nominated | 020 7418 8900 |
| Adviser and Broker) | |
+-----------------------------------------------------------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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