Tawa sees H1 profit jump
Tawa, the UK-quoted consolidator of non-life insurance run-off, has reported profit before tax for the six months ending 30 June 2007, at $39.4m. (H1 2006: $4.6 million)
The company said net profit was $41.8m (H1 2006: $58m).
On 4 May, Tawa completed the acquisition of KX Reinsurance Company, formerly Continental Management Services Limited, from the CNA Group.
On 26 July Tawa raised $50 million through an IPO and was admitted to AIM.
Gilles Erulin, chief executive, commented: “The acquisition of KX Re in May was a key milestone for us, produced the bulk of profit for the period and demonstrated the scalability of our business model. Our subsequent flotation in July was aimed at giving us additional currency for future acquisitions and has therefore put us in an even stronger position to capitalise on current market opportunities.”
