Trading Statement (1271Y)
February 24 2012 - 12:36PM
UK Regulatory
TIDMTAW
RNS Number : 1271Y
Tawa PLC
24 February 2012
FOR IMMEDIATE RELEASE
Tawa plc
24 February 2012
Tawa plc ("Tawa")
Trading update
Tawa plc will announce its financial results for the 12 months
ended 31 December 2011 on Friday 23 March 2012. After reviewing the
preliminary year--end actuarial analyses, the Tawa Board estimates
that net assets per share at 31 December 2011 will be approximately
$1.73 per share (GBP1.10 per share) compared with 31 December 2010
of $2.00 per share (GBP1.26 per share) and a last traded price of
47p per share.
During the 2011 financial year some of the insurance carriers in
the Tawa portfolio have experienced adverse volatility on the
insured risks which have negatively impacted their reserve
development. Also, the net reserves of QX Re, a Bermudian regulated
special purpose insurer formed in March 2011 to provide reinsurance
for a book of lead paint exposure, have been increased by
approximately $12 million.
In 2011, Tawa invested approximately $7 million in setting up
Lodestar Marine, Q360 and STRIPE(R) which under IFRS accounting is
expensed rather than capitalised.
Pro Insurance Solutions, which provides outsource and
consultancy services to the insurance market, is performing well in
accordance with management's expectations.
Enquiries:
Gilles Erulin, Chief Executive, Tawa plc 020 7068 8000
Victoria Sisson or Alexandra Thompson, FWD
PR 020 7623 2368
James Britton or Guy Wiehahn, Peel Hunt LLP
(nominated adviser and broker) 020 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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