Tawa moves into credit with $15mn Island Capital deal
Run-off investor and service provider Tawa has bought Island Capital, the Bermudian trade credit and political risk insurer in run-off, for a consideration "unlikely to exceed" $15mn.
Legacy vehicle Tawa, which is backed by French billionaire Francois Pinault, will initially pay $7.4mn for Island Capital and its UK subsidiary, Island Capital (Europe).
However, the deal also involves a deferred consideration dependent on the company's future financial performance.
"For technical reasons the aggregate of all consideration has been capped at $40m,...
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