General Ins - Latest News - Tawa acquires Chiltington International Group


 Tawa plc ("Tawa") today announced that it has entered into a share purchase
 agreement to acquire Hamburger Internationale Ruckversicherung ("HIR"), the
 holding company for the Chiltington Group of companies ("Chiltington").

 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 3 million new ordinary Tawa shares of
 10 pence par value each. An application has been made for the 3 million
 shares to be admitted to trading on AIM and dealings are expected to
 commence following a 5 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 will provide Tawa with a stronghold in Continental Europe
 along with a platform in the growing South American market. Chiltington and
 Tawa's insurance service provider, Pro, have complementary operations in
 both the UK and US that will generate operational synergies, and provide
 broader resources and skill base in order to service the existing, and new
 clients, of the combined entity.
 The transaction is expected to be completed over the next 90 days and is
 subject to the usual closing conditions including regulatory approvals.

 Gilles Erulin, Chief Executive Officer of Tawa, comments: " "We are
 delighted that the Chiltington team are joining the Tawa group. They are
 very experienced and well connected in the international insurance market.
 It is our view that they are the most respected continental consulting group
 in our line of business. While strengthening our UK and US units, this
 transaction provides a strong footprint in Continental Europe and a unique
 platform of Insurance consulting in South America. This comes at a time
 when consistent growth is being experienced in both areas".

 Wolfgang Eilers, CEO of Chiltington, comments: "HIR/Chiltington Group has
 had tremendous success since Chiltington's formation in 1982. However, to
 remain at the forefront of (re)insurance consultancy, we have decided the
 time is right to team with a bigger partner. By joining a first class
 organisation such as Tawa, we have a wonderful opportunity to expand our
 range of services to new and existing clients. This deal is about increased
 growth with our enlarged consulting resources being able to offer our
 clients a wider product range".

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