Tawa PLC Disposal (5173C)
April 17 2013 - 2:00AM
UK Regulatory
TIDMTAW
RNS Number : 5173C
Tawa PLC
17 April 2013
London, 17 April 2013
TAWA PLC ("TAWA")
PRESS RELEASE- RNS
Tawa completes sale of KX Reinsurance Company Limited and
OX Reinsurance Company Limited
Tawa plc ("Tawa" or the "Group") the quoted insurance service
provider and run-off investor, today announced that it has
completed the sale of 100% of its shares in KX Reinsurance Company
Limited ("KX Re") to Catalina Holdings (Bermuda) Limited following
regulatory approval.
The sale includes 100% of the shares in OX Reinsurance Company
Limited ("OX Re"), which is wholly owned by KX Re.
The total consideration received by Tawa following completion
adjustments is $30.2 million.
ENDS
Enquiries:
Gilles Erulin, Chief Executive, Tawa
plc 020 7068 8044
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 and 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 ("Portfolios",
"Risk Carriers") and investing in servicing business. The Group
also operates as an incubator for new projects and has invested
alongside professional teams to create two new businesses, Q360 and
Lodestar Marine, in addition to developing its own products to
serve the insurance market as a whole such as STRIPE(R) .
On the portfolio front, Tawa has acquired, since its formation,
nine insurance entities in run-off - CX Reinsurance Company
Limited, Hamburger Internationale Rückversicherung AG, KX
Reinsurance Company Limited, LGIC Holdings, LLC, PXRE Reinsurance
Company, Island Capital Limited, Island Capital (Europe) Ltd,
Pavant International Re S.A, and Oslo Reinsurance (UK) Company
Limited. As an alternative technique to assuming run-off risks,
Tawa established a dedicated reinsurance vehicle, QX Reinsurance
Company Limited, in Bermuda to reinsure portfolios. On the service
side, Tawa acquired Pro Insurance Solutions Ltd (Pro) in 2009 and
the HIR group in April 2012. HIR owns the Chiltington Consulting
Group. Through HIR, Tawa now offers a vehicle for European run-off
portfolios transfers under the European Union portfolios transfer
directive.
The Group's combined servicing team of approximately 400
professionals provide underwriting, claims management, broking and
consulting services to a broad array of international clients
across the global insurance market, whether active underwriters or
run-off. The Group 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 Limited, the leading turnkey
agency management services company in Lloyd's.
Tawa plc is listed on the AIM market. Further information can be
found on the Company's website: www.tawaplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISBRGDSGUBBGXL
Achp (LSE:ACH)
Historical Stock Chart
From May 2024 to Jun 2024
Achp (LSE:ACH)
Historical Stock Chart
From Jun 2023 to Jun 2024