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5 May 2011 07:00
Tawa plc
("Tawa" or the "Group")
PXRE Reinsurance Company ("PXRE") - Extraordinary Dividend
Tawa, the quoted insurance service provider and run-off investor, announces that its Connecticut US subsidiary, PXRE, has received approval from the Connecticut Insurance Department to the payment of a cash dividend of $22,800,000 to its immediate parent, WT Holdings, Inc. Approval was also given to the payment of a $1,140,000 management fee to Tawa Management Limited pursuant to the run-off management agreement between that company and PXRE. The majority of the dividend will be used to reduce Group borrowings.
Since its IPO in 2007, Tawa has continued downscaling its run‑off risk carriers and it has extracted $110 million of capital from those investments.
Enquiries:
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 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 and OX Reinsurance Company Limited. It also set up QX Reinsurance Company Limited, a Bermudian regulated reinsurance company, to write reinsurance business.
The combined Tawa/Pro team of 250 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.
Tawa also operates as an incubator for new projects and launched the STRIPE® 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
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