Tawa finishes acquisition of Oslo Reinsurance UK

One business insurance company run-off management firm has recently completed their £4 million acquisition of the UK arm of Oslo Reinsurance Company.

Financed by the cash resources of the purchasing firm, Tawa recently received regulatory approval for the purchase of the Essex-based commercial insurance and reinsurance provider from its Norwegian parent company from the Financial Services Authority.

Tawa, based in London, now owns 100 per cent of issued shares of Oslo Reinsurance UK.  The UK firm specialises in the professional indemnity cover known in the industry as ‘run-off,’ which provides insurance to businesses for work that they had carried out previous to the cessation of trading activities.

Olso Reinsurance UK has been in run-off since 1994.  The majority of its business has been been wrapped up through several different arrangement schemes.

Founded in 2001, Tawa has acquired several different reinsurance companies such as the PRO group, Island Capital, PXRE Reinsurance, KX Reinsurance, and CX Reinsurance.  Interested in acquiring the run-off portfolios of insurers, reinsurers, and insurance industry service businesses and companies, Tawa was formed with the specific purpose to develop such assets in mind.

Between Tawa and PRO, the company offers a team of 300 professional staff members that deliver servicing capabilities to third party corporations in Europe and the UK.  This is in addition to the cover the combined underwriting services group provides to run-offs.  Tawa also provides underwriting services to the US market as well.

Tawa conducts all activities that relate to run-offs from management, claims handling ,and acquisition, through finality. The firm employs a run-off strategy that features an accelerated focus on claims designed to both protect and also create value for shareholders while preserving policy holder rights.

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