Specialised insurance industry investor Tawa plc (Tawa) has signed a share purchase agreement to sell all of its shares in KX Reinsurance Company Limited (KX Re) to Catalina Holdings Limited.
The deal also includes 100 percent of the shares in OX Reinsurance Company Limited (OX Re), which is wholly owned by KX Re.
On completion the deal will be worth a minimum of $28 million in cash and could reach $30 million, depending on financial performance of KX Re between now and the completion of the deal. $15 million of this will be used to repay an inter-company loan facility between KX Re and Tawa plc on completion.
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
Tawa, KX Re, OX Re