20th Nov 2009 14:43
Tawa plc
Completion of PRO acquisition
Tawa plc ("Tawa"), the UK listed run-off investor, announces that following receipt of FSA approval, it has today, 20 November 2009, completed its acquisition of the PRO Group companies comprising PRO Insurance Solutions Ltd, PRO IS, Inc and Participant Run-off (PRO) Iberica, SLU from Swiss Reinsurance Group.
The final initial cash consideration is £5 million. Deferred cash consideration of up to £12 million is dependent on PRO's earnings over the five years to 31 December 2014. Prior to completion, Swiss Re received dividends of £20.9 million from the PRO companies.
David Vaughan, Tawa's Chief Operating Officer, will replace Lee Brandon on an interim basis as PRO's Chief Executive Officer, subject to FSA approval. Mr Brandon will also step down as a director of PRO Insurance Solutions Ltd and will continue to support PRO in a consultancy capacity.
--ENDS-
Enquiries:
|
Gilles Erulin, Chief Executive, Tawa plc |
020 7068 8000 |
|
Jason Richards, Swiss Re |
+45 33979408 |
|
Peter Rigby or Alex Parry, Haggie Financial LLP |
020 7417 8989 |
|
Guy Wiehahn or Oliver Stratton, KBC Peel Hunt (Nominated Adviser and Broker) |
020 7418 8900 |
Related Shares:
ACH.L