The share price of Tawa, which is listed on the Alternative Investment Market (AIM), remained flat after it unveiled its 2008 results, even though a company statement admitted the figures were disappointing.
Tawa, which acquires and manages run-off portfolios of insurance and reinsurance companies, made an after-tax consolidated loss of $42.4m (£29.9m) for 2008. It attributed $25m of the loss to the impact of mark-to-market accounting. It said the other $17m was down to a decline in sterling investments.
The board of Tawa is recommending that a dividend of 0.5p per share be paid on 31 July from the ordinary cashflow of the company.
Elsewhere on AIM, Cobra Holdings recorded the biggest share price drop of the week – a fall of 13.79% to 62.5p. Jelf and Advent Capital had a better week.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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