Tawa buys PRO

AIM-listed insurance consolidator Tawa has agreed to acquire the PRO group of insurance companies from Swiss Re for up to £38 million.


AIM-listed insurance consolidator Tawa has agreed to acquire the PRO group of insurance companies from Swiss Re for up to £38 million.

AIM-listed insurance consolidator Tawa has agreed to acquire the PRO group of insurance companies from Swiss Re for up to £38 million.

The PRO group has UK offices in London and Gloucester and employs 300 staff. The group generated profits after tax of £7 million in 2008. As part of the transaction, KX Re, a subsidiary of Tawa, will purchase £7 million of insurance receivables from PRO.

Tawa’s David Vaughan will replace Lee Brandon as CEO of PRO, who will step down as a director of the company but will continue to support the business as a consultant.

In the six months to June, Tawa reported an increase in net profits of 64 per cent to $2.3million (£1.4 million).

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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