Swiss Re sells run-off group
Tawa has announced it is to buy the Pro group of companies from Swiss Re
Tawa, the quoted run-off consolidator, has announced it will acquire the Pro group of companies from Swiss Re for a maximum consideration of £38m.
This comprises of an initial cash consideration of £4m and deferred cash consideration of up to £12m dependent on Pro’s earnings over the next five years to 31 December 2014.
Prior to acquisition, which will be subject to approval from the Financial Services Authority, Swiss Re will receive dividends of approximately £22m from the Pro companies
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