Acquisition (1960W)
January 26 2012 - 2:00AM
UK Regulatory
TIDMTAW
RNS Number : 1960W
Tawa PLC
26 January 2012
London, 26 January 2012
TAWA PLC ("TAWA")
PRESS RELEASE- RNS
Consortium of Tawa, Skuld and Paraline announce completion of
acquisition of Whittington UK
Tawa plc ("Tawa" or the "Group") the quoted insurance service
provider and run-off investor, today announces that the consortium
comprising Tawa Plc, Skuld, and Paraline Group, Ltd. ("the
Consortium") has completed on the acquisition of Whittington
Insurance Markets Limited, the London-market operations of
Whittington Group.
.
ENDS
Enquiries:
Gilles Erulin 020 7068 8044
Chief Executive, Tawa plc
Peel Hunt LLP (nominated adviser
& broker)
James Britton
Guy Wiehahn 020 7418 8900
FWD PR
Victoria Sisson
Alexandra Thompson 020 7623 2368
Notes for Editors:
About Tawa Plc
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 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 OX Reinsurance
Company Limited and is a majority shareholder of LGIC Holdings, LLC
(Lincoln General). It also set up QX Reinsurance Company Limited, a
Bermudian regulated reinsurance company, to write reinsurance
business.
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 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
About Skuld
Skuld Group is a leading marine insurer providing Protection and
Indemnity (P&I), hull & machinery, cargo, energy and marine
liability cover to shipowners and charterers all over the
world.
Skuld P&I offers P&I for shipowners, specialist
liability covers for vessel charterers, defence insurance as well
as offshore cover. A wide variety of ancillary covers are tailored
to members' and clients' specific needs.
Through the 2010 launch of Syndicate 1897, Skuld Group provides
additional marine and energy covers such as hull & machinery,
energy packages and cargo insurance to members and clients.
Skuld Group's worldwide offices cover virtually every time zone
and are manned by a dedicated and professional staff representing
more than 20 nationalities, and thus many cultural backgrounds as
well as a wide variety of legal, nautical and technical
expertise.
Through a significant diversification, Skuld Group now provides
a comprehensive insurance package where Skuld P&I works
together with Skuld Offshore and Skuld 1897, placing members and
clients first.
About Paraline
Paraline Group, Ltd, a Bermuda-domiciled insurance and
reinsurance holding company, was established in August 2010. It
principal operating businesses are ICAT Managers, LLC, and Paraline
Re LTD, a Bermuda based reinsurer. ICAT Managers underwrites small
and middle market commercial properties located in
catastrophe-exposed regions of the United States on behalf of
Syndicate 4242 at Lloyd's and other leading insurers and
reinsurers. Paraline Re provides aligned underwriting capital to
s.4242. (For more information, visit www.icat.com)
Paraline is owned by its senior managers and private investors
that include Wand Partners and Elliott Management Corporation.
Paraline has the industry knowledge, investor expertise and capital
backing to expand thoughtfully by backing quality management teams
at times of market need.
About Whittington Group
Whittington is an international insurance investment and service
business headquartered in Singapore. It is dedicated to providing
bespoke and innovative solutions to the insurance industry.
Whittington includes UK subsidiaries Whittington Insurance
Markets Ltd, Whittington Management Services Ltd, Whittington
Capital Management Ltd, and Whittington Insurance Services Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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