Tawa, a UK-listed company that manages closed books of non-life insurance, will pay up to £38m for Swiss Re’s specialist “run-off” services business.

The deal will give Tawa – which is more than 70 per cent owned by Francois Pinault, the French billionaire and owner of Christie’s auction house – better access to the potentially lucrative US market for servicing property and casualty “run-off” portfolios.