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24 Feb 2012 17:36
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 (£1.10 per share) compared with 31 December 2010 of $2.00 per share (£1.26 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® 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 |
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