Randall & Quilter agrees to acquire GLOBAL U.S. Holdings Inc.

The insurance industry continues its merger and acquisition activity with the latest deal announced today. Randall & Quilter (R&Q) Investment Holdings Ltd. has signed a definitive agreement to acquire GLOBAL U.S. Holdings Inc. from AXA DBIO (SCA), a subsidiary of investment funds managed by AXA Liabilities Managers SAS. GLOBAL U.S. Holdings Inc. is the 100% parent of GLOBAL Reinsurance Corporation of America (collectively, “Global Re US”). R&Q, a specialist in managing U.S. asbestos, pollution and health hazard exposures, will acquire Global Re US for approximately $80.5 million in cash at closing from R&Q’s cash at hand and debt facilities, as well as manage it.

The acquisition is subjected to regulatory approval from the New York Department of Financial Services.

“R&Q is delighted to agree [on] terms to acquire GLOBAL U.S. Holdings Inc.,” Ken Randall, chairman and CEO of R&Q, said in a statement. “It is a significant legacy transaction for the Group and, with a continuing pipeline of further potential acquisitions, we anticipate an active second half of the year.”

Related: Arthur J. Gallagher & Co. acquires Rogers & Young Insurance