TAWA Group
Tawa was formed in 2001 to acquire and manage the run-off of non-life insurance companies and portfolios of policies and to provide run-off related services. Tawa is able to conduct nearly all activities relating to run-offs, from acquisition through to the management and to finality. Its claims-focused, accelerated run-off strategy is a key strength for the Group and is designed to protect and then create shareholder value while respecting the rights of policyholders. Tawa is 79% owned by the Artémis Group.

2007 has been a significant year for Tawa as it first was admitted to listing on the AIM market in London, second closed the KXRe London based acquisition and third contracted to acquire PXRe in Connecticut.

As of 31st December 2007, the main companies of the Tawa group were: Tawa PLC the listed holding company, CXRe and KXRe, the two risk carriers in run-off, and Tawa Management which provides management services CXRe and KXRe. Moreover, Tawa Consulting has been launched in February 2008 to offer third party services. Moreover PXRe acquisition has closed on March 31st 2008, and the company is now 100% owned by Tawa PLC.

Tawa’s strategy is to acquire further run-off companies and portfolios in the UK, US, continental Europe, Bermuda and elsewhere in the world as suitable opportunities arise. This is intended to enable Tawa to construct and manage a portfolio of run-offs that are at differing stages of maturity.

Tawa will generate value from run-offs in a variety of ways, including:
– buying net assets at a significant discount to economic value and accelerating capital extraction,
– buying volatile books of business and applying Tawa’s management techniques to create value and reduce volatility,
– earning management fees from managing run-offs, and offering services to third party clients,
– obtaining synergies and process efficiencies from combining the management of multiple run-offs.