TAWA Group
Tawa was formed in 2001 to acquire and manage run-off insurance companies and portfolios of policies and to provide run-off related services. Tawa conducts all activities relating to run-offs, from acquisition through 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 listed in London AIM market and currently 71% owned by the Artémis Group.

Global economic turmoil turned 2008 into a challenging year both for the Insurance industry and for Tawa. In the face of these challenges Tawa was able to weather the storm and limit the economic damage suffered by the company. We therefore look forward to 2009 with confidence knowing that Tawa is in good shape to grow and seize opportunities in these unpredictable markets. While by no means immune to competition, which was very strong during 2008, Tawa believes it is in a good position to take opportunities as they arise.

As of 31 December 2008, the main companies of the Tawa group were: Tawa plc, the listed holding company, PXRe and KX Re, two risk carriers in run-off, and Tawa Management which provides management services to these risk carriers and its associate CXRe.

Tawa has also a significant economic interest in CX Re which it sold to a consortium of financial investors in 2006.

Tawa will continue to investigate opportunities to acquire or manage run-offs in the Property and Casualty world, but will increase its 2009 efforts to expand in other segments of the run-off world such as life run-off or broker legacy run-off.