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Insurer Tawa sells unit for £17m
British insurer Tawa yesterday announced the sale of its KX Reinsurance business to Bermuda’s Catalina Holdings for $28m (£17m) in cash. KX Re has total assets of $114m and its risks are mainly in the US, date from before 1985 and include asbestos liabilities. It was put into run-off in 1992 before being sold by CNA Financial Corporation to Tawa in 2007. Chris Fagan, chairman and chief executive of Catalina, welcomed the deal: “KX Re is our second acquisition in this quarter, and we are in negotiations on a number of other attractive opportunities some of which we expect to conclude and announce this year.”