Tawa has entered into an agreement to acquire Continental Management Services Limited
Tawa UK has announced it has entered into an agreement to acquire Continental Management Services Limited (CMS) from CNA Financial Corporation. CMS is an insurance company that has been in run-off for a number of years and as at 31 December 2006 had (unaudited) gross assets of $285m.
The sale, for cash, is subject to regulatory approval by the Financial Services Authority, and is expected to be completed by the end of June.
Commenting on the acquisition, Gilles Erulin, chairman and CEO of Tawa, said “We are delighted to announce the signing of the Share Purchase Agreement for CMS. This is a further step towards Tawa ‘s strategic goal to be a leading run-off consolidator.”