Extract from presentation from AGM (8818F)
June 21 2012 - 7:24AM
UK Regulatory
TIDMTAW
RNS Number : 8818F
Tawa PLC
21 June 2012
London 21st June 2012
TAWA PLC ("TAWA")
RNS
Extract from presentation to Annual General Meeting 21 June
2012
Gilles Erulin, the company CEO, commented on various aspects of
the 2011 business year which was characterised by great
transformational moves and important changes to the company's
reach, both in geography and markets, and not yet reflected in the
earnings. Erulin further commented 2011 was marked by negative
events, in particular, unexpected litigation costs and significant
revision of the QX Re lead paint reserves.
Since January 2012 Tawa has completed via a consortium the
acquisition of Whittington UK - now rebranded Asta Managing Agent,
and also the acquisition of Chiltington. Tawa's recently launched
incubator broker (Q360) and MGA (Lodestar) are now both up and
running with professional teams supported by PRO's intermediary
management platform. Equally, our service segment is gaining
momentum.
As to 2012, Erulin indicated the key focus for the year on the
servicing side is to crystallise the ability of the various
businesses to cross sell and jointly develop their client base,
while focusing on sustainable profit generation.
On the run-off portfolio side, Tawa intends to divest some of
its portfolios which may interest long term investors with a "buy
and hold" strategy, as well as continue its efforts to reduce the
volatility of the portfolios it owns. Efforts are also being made
on reducing the cost of managing those run-offs. Meanwhile Tawa
continues to review acquisition opportunities, including European
portfolio transfers into HIR, its German reinsurance company,
similar to the Austrian portfolio Oberosterreichische Versicherung
transfer recently announced.
In view of the recent expansion of the company in the servicing
arena which dramatically changed Tawa, Erulin indicated that Board
and Management are reviewing strategic themes such as :
-- Expansion of the service business and further run-off acquisition opportunities
-- Entry of new equity partners either in Tawa or through
partnerships or side-cars to complement existing shareholder
capital
-- Sale of non core assets
All with the goal of continuing and accelerating the migration
of the Group from a pure run-off acquirer to a diversified
insurance specialised investor.
ENDS
Enquiries:
Gilles Erulin 02070688044
Chief Executive, Tawa plc
Peel Hunt LLP (nominated adviser &
broker)
James Britton
Guy Wiehahn 020 7418 8900
About Tawa
Tawa is a specialised investor in the insurance industry.
In the last few years, Tawa has moved from being a pure run-off
risk owner towards being a multi-segment investor in the insurance
market, expanding significantly in the servicing arena of the
international insurance industry.
Tawa invests in acquiring run-off portfolios and servicing
businesses. Tawa also operates as an incubator for new projects,
supporting professional teams aspiring to create new businesses in
the insurance industry.
On the portfolio front, Tawa has acquired, since its formation,
six insurance entities in run-off. As an alternative technique to
assuming run-off risks, Tawa has also established a dedicated
reinsurance vehicle in Bermuda to reinsure portfolios. Tawa
acquired the HIR group in April 2012 which owns the Chiltington
Consulting Group. Through HIR, Tawa now offers a vehicle for
European run-off portfolios transfers.
Tawa's UK service subsidiary, Pro, a 300 staff company, provides
underwriting, claims management, broking and consulting services to
a broad array of international clients across the insurance market,
whether active underwriters or run-off. Pro has also established an
innovative platform to provide turnkey services supporting clients
wishing for immediate start of a new broking or MGA venture.
As part of its expansion in the Lloyd's market, in January 2012
Tawa became the owner of 33% of Asta (formerly known as Whittington
UK), the leading turnkey agency management services company in
Lloyd's.
Tawa plc is listed on the AIM market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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