$21.6 million loss for Tawa

Tawa has announced a net loss of $21.6 million for 2011, compared to the profit it posted in 2010 of $1.8 million.

The company also announced that there would be no dividend this year.

Commenting on the results, Gilles Erulin, chief executive officer of Tawa, said that 2011 had been a key year for the company as it expanded into the service segment of the international insurance industry.

“Over the last two years we have moved from being a pure run-off risk carrier towards being a multi-segment player in the insurance market,” he said.

“2011 has been focused on transforming and investing. 2012 is to be focused on operational optimization and profitability.”