Mayer Brown is representing R&Q Insurance Holdings Ltd. (R&Q) in the formation of a new joint venture with Obra Capital (Obra) and the acquisition of a wholly owned subsidiary (“Target”) from global safety equipment manufacturer MSA Safety Incorporated.
The Target holds legacy product liability claims relating to coal dust, asbestos, silica, and other exposures. MSA Safety contributed approximately $341 million in cash to the Target, in addition to related insurance assets, and the joint venture contributed $35 million. R&Q will provide claims and management services and Obra will provide investment management services to the Mine Safety Appliances Company, LLC.
The team is led by partners David Alberts and Vikram Sidhu.
View R&Q’s press release here.