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Re/insurance company Sirius has expanded its accident and health insurance portfolio with the acquisition of Maryland-based healthcare specialist ArmadaCorp Capital.
ArmadaGlobal provides supplemental healthcare insurance products and administration services in the US.
Following the transaction, ArmadaGlobal will remain in its current headquarters, where it houses its insurance products company, ArmadaCare, and healthcare information technology company ArmadaHealth.
ArmadaGlobal's business will continue to be run by its current management team, including Ed Walker who will step into the role of CEO for ArmadaCare, and Steven Schaefer as CEO for ArmadaHealth. Its founders Keith Sullivan and Brian Rogers will serve on ArmadaGlobal's board of directors as key strategic advisors.
"Sirius and ArmadaGlobal are natural partners, and this is a win-win-win transaction for all involved," said Sirius group chairman and CEO Allan Waters. "Over the course of the past decade, ArmadaGlobal's founders Keith Sullivan and Brian Rogers, alongside an experienced management team, have built a great business that delivers superior service to its clients and innovative products for employers.
"This acquisition fits well with Sirius's expertise and our long-term growth strategies, and we look forward to working with everyone at ArmadaGlobal to continue the strong performance history."
Sullivan said: "We are immensely grateful to all of ArmadaGlobal's dedicated employees who have helped build the company into what it is today. I know our team will be in good hands with Ed and Steve at the helm and as part of a dynamic, growing company like Sirius. Brian and I look forward to continuing our strategic role in support of the team and organisation."
Walker added: "We are excited about the next chapter of ArmadaGlobal's history. With Sirius's strong resources and established accident and health platform we are confident we will be able to further enhance our product offering for our customers and provide additional opportunities for growth for the company and our employees."
Sirius International Insurance Group, Healthcare, M&A, ArmadaGlobal, Bermuda, US, North America