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Tawa acquires Chiltington International Group to establish footprint in Europe

Tawa, a quoted insurance service provider and run-off investor, has entered into a share purchase agreement to acquire Hamburger Internationale Ruckversicherung (HIR), the holding company for the Chiltington Group of companies, to establish footprint in Europe.

The purchase of HIR includes Chiltington, which provides consultancy and outsource services to the international (re)insurance industry.

Chiltington specialises in compliance, audit and investigation work, litigation support, restructuring services, claims management and commutations.

Tawa has agreed to acquire 100% of HIR for a combination of cash, deferred consideration and through the issue of three million new ordinary Tawa shares of 10p par value each.

An application has been made for three million shares to be admitted to trading AIM and dealings are expected to commence following a five year lock-up period.

After making allowances for fair value adjustments, Tawa anticipates that the acquisition will have minimal impact on Tawa’s net assets.

The transaction is expected to provide Tawa with a stronghold on Continental Europe along with a platform in the growing South American market.

Chiltington CEO Wolfgang Eilers said that this deal is about increased growth with the enlarged consulting resources being able to offer clients a wider product range.

The transaction is expected to be completed over the next 90 days, subject to regulatory approvals.