- Randall & Quilter Investment Holdings said it had agreed to acquire Global US from a subsidiary of investment funds managed by AXA Liabilities Managers for $80.5m.

The target was a New York-domiciled insurance company in run-off that underwrote predominantly property and casualty treaties.

In 2002, it went into run-off and in 2014 it was acquired by an investment vehicle managed by AXA Liabilities Managers.

At 31 December, Global US reported total assets of $260m, gross reserves of $146m and $107m of shareholders' equity. It made an annual net profit of $15m.

The purchase price represented a small discount to Global US's current net assets, Randall & Quilter said.

On Wednesday, the company also reported a 1.7% rise in first-half profit -- for the six months through June -- to £5.5m.

Story provided by