Acquisition (3684Y)
December 21 2010 - 7:16AM
UK Regulatory
TIDMTAW
RNS Number : 3684Y
Tawa PLC
21 December 2010
Tawa plc
21 December 2010
Tawa plc
Acquisition of Oslo Reinsurance Company (UK) Limited.
Tawa plc ("Tawa" or the "Group"), the quoted insurance service
provider and run-off investor, today announces that it has entered
into a share purchase agreement to acquire 100% of the issued
shares of Oslo Reinsurance Company (UK) Limited from Oslo
Reinsurance Company AS for a consideration of GBP4 million.
Oslo Reinsurance Company (UK) Limited went into run-off in 1994
and since then most of its business has been closed through schemes
of arrangement.
This transaction is subject to regulatory approval from the FSA.
It is expected that such approval should be obtained within 3
months.
It is intended that the acquisition cost will be financed from
Tawa's existing cash resources.
Enquiries:
Gilles Erulin, Chief Executive, Tawa plc 020 7068 8000
Guy Wiehahn, Peel Hunt LLP (nominated adviser
and broker) 020 7418 8900
Notes for Editors:
Tawa plc was formed in 2001 with the purpose of acquiring or
developing assets and business in the insurance industry. Tawa is
interested in acquiring run-off portfolios of insurance and
reinsurance companies, companies and businesses providing services
to the insurance industry and in developing its own products to
serve the insurance market as a whole such as STRIPE(R).
Since its formation, Tawa has acquired CX Reinsurance Company
Limited, KX Reinsurance Company Limited, PXRE Reinsurance Company,
Island Capital Limited and the PRO group of companies.
The combined Tawa/PRO team of 300 professionals service a number
of the largest insurance businesses in the UK and Europe and
deliver a market-wide third-party servicing capability as PRO
services active underwriters as well as run-offs and cover London's
company and Lloyd's markets as well as Europe and the USA.
In July 2007 Tawa plc was floated on the AIM market.
Further information can be found on the Company's website:
www.tawaplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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