Tawa to sell KX Re and OX Re

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.