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Tawa sale plans advance

The formal sale process of UK-listed run-off buyer and services provider Tawa has moved forward, with potential bidders having submitted indicative offers of interest, it is understood.

Tawa formally hoisted a "for sale" sign on 10 September after billionaire backer Francois Pinault decided to explore whether a full sale would provide greater value to shareholders than the outcome of its strategic review.

The process has been complicated by the company's $21mn full-year 2011 loss and a further $6.5mn loss for H1 2012. Furthermore, it is unclear if there would be a buyer interested in the entire entity, including both its services arm and its legacy assets.

On the services side, Tawa's assets include its stake in Lloyd's third party managing agency platform Asta, its European consultants Chiltington and parts of its UK-based servicing operation Pro.

On the run-off side, Tawa agreed to sell two of its portfolios, KX Re and OX Re, to Catalina in late September.

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