RNS Number : 7577C
11 March 2011
11 March 2011
Completion of Oslo Reinsurance Company acquisition
Tawa plc, the quoted insurance service provider and run-off investor, announces that following regulatory approval from the FSA, it has completed its acquisition of 100% of the issued shares of Oslo Reinsurance Company (UK) Limited as announced on 21 December 2010.
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 wholesuch as STRIPE(R) .
Since its formation, Tawa has acquired CX Reinsurance Company Limited, KX Reinsurance Company Limited, PXRE Reinsurance Company, Island Capital Limited and the PRO group of companies.
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 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.
In July 2007 Tawa plc was floated on the AIM market.
Further information can be found on the Company's website: www.tawaplc.co.uk.
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