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LONDON&;151; Tawa P.L.C., the London-based insurance runoff consolidator, has had its shares admitted to trading on AIM, the London Stock Exchange's international market for growing companies.
"It is the first, pure play, investment vehicle in Europe," Gilles Erulin, chief executive officer, said Thursday, adding that the only comparable company he was aware of was the Bermuda-based, New York Stock Exchange-listed Enstar Group Ltd.
In a statement, Tawa said that, "London is acknowledged as the most active market in runoff closures with specialist resources and a favorable environment."
Mr. Erulin said Tawa's target market was London insurance market companies not Lloyd's of London entities.
Tawa currently is running off two insurance companies: CX Reinsurance Co., which was acquired in 2002, and KX Reinsurance Co., which was acquired in May 2007.
Mr. Erulin explained that Tawa had only made two acquisitions so far because CXRe "was like a volatile gorilla" and the company had to demonstrate that it could create money before it set about making further acquisitions.