Tawa acquires CNA Re business in the UK

Europe

Run-off specialist, Tawa UK, has acquired the portfolio of CNA Re UK through a binding share purchase agreement with the reinsurer’s parent company, CNA Financial. The latter decided last year to consolidate its international reinsurance operations in the US and to dispose of its London market business. The deal, which is expected to be finalised by the end of this year, will significantly enhance Tawa’s presence in the UK nonlife run-off market. Tawa currently manages the run-offs of nine nonlife companies in the UK. CNA Re (UK) reported gross reserves of US$2.5bn at the end of 2001. Tawa is a subsidiary of France’s Artemis group which also manages the run-off of closed books of life business in the US and Japan.