Capital release from subsidiary (9744F)
May 05 2011 - 2:00AM
UK Regulatory
TIDMTAW
RNS Number : 9744F
Tawa PLC
05 May 2011
Tawa plc
("Tawa" or the "Group")
PXRE Reinsurance Company ("PXRE") - Extraordinary Dividend
Tawa, the quoted insurance service provider and run-off
investor, announces that its Connecticut US subsidiary, PXRE, has
received approval from the Connecticut Insurance Department to the
payment of a cash dividend of $22,800,000 to its immediate parent,
WT Holdings, Inc. Approval was also given to the payment of a
$1,140,000 management fee to Tawa Management Limited pursuant to
the run-off management agreement between that company and PXRE. The
majority of the dividend will be used to reduce Group
borrowings.
Since its IPO in 2007, Tawa has continued downscaling its
run--off risk carriers and it has extracted $110 million of capital
from those investments.
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.
Since its formation, Tawa has acquired CX Reinsurance Company
Limited, KX Reinsurance Company Limited, PXRE Reinsurance Company,
Island Capital Limited, the Pro group of companies and OX
Reinsurance Company Limited. It also set up QX Reinsurance Company
Limited, a Bermudian regulated reinsurance company, to write
reinsurance business.
The combined Tawa/Pro team of 250 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.
Tawa also operates as an incubator for new projects and launched
the STRIPE(R) system in September 2010. STRIPE is a web based
platform enabling insurers and cedants to deal with their
(re)insurers directly, reducing re-processing of data. STRIPE
supports the single keying of data and allows the rapid and secure
delivery of all transactions.
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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