PRO Insurance Solutions
Thinking delivered
20 November 2009
Tawa plc complete PRO acquisition
Following receipt of FSA approval, we are pleased to announce that Tawa plc ("Tawa") has successfully completed the acquisition of the PRO Group companies comprising PRO Insurance Solutions Ltd, PRO IS, Inc and Participant Run-off Iberica, SLU from Swiss Reinsurance Group.
The deal comprised a cash consideration of £5 million plus a deferred cash consideration of up to £12 million dependent on PRO's earnings over the five years to 31st December 2014. Prior to completion, Swiss Re received dividends of £20.9 million from the PRO companies.
David Vaughan, Tawa's Chief Operating Officer, will replace Lee Brandon on an interim basis as PRO's CEO, subject to FSA approval. Lee will also step down as a director of the company, but will continue to support PRO in a consultancy capacity.