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Indianapolis-based global medical insurance provider International Medical Group (IMG) has been acquired by Bermuda re/insurer Sirius International that specializes in accident and health (A&H) insurance.
IMG is the second A&H addition to Sirius's specialty insurance platform. In April, Sirius had acquired US-based healthcare specialist ArmadaCorp Capital.
IMG was bought up from private equity investment firm ABRY Partners for an undisclosed amount.
Sirius announced that IMG will be run by president and CEO Brian Barwick, who has been with the company for 23 years and has worked with Sirius throughout his tenure.
As part of the transaction, IMG's subsidiary IMG-Stop Loss, a managing general underwriter dedicated to medical stop loss insurance products for self-funded employers, has been spun off and acquired by the management team that currently runs this business unit, according to the statement.
Allan Waters, Sirius group chairman, commented: "We are proud to have our long-time business partner IMG join the Sirius family of companies. Over the course of our relationship that has spanned over 20 years, we have witnessed IMG grow and evolve, while consistently delivering innovative products and superior service to its clients. This acquisition is a natural fit within Sirius's specialty insurance segment that further enhances our global Accident & Health offerings and supports our long-term growth strategy."
"We know Brian and the IMG management team well and are lucky to have such a quality team leading IMG," Waters added.
Barwick added: "Today we celebrate our long-lasting partnership. As our underwriting partner since 1997, Sirius has worked with IMG on almost all of our international and domestic products. Sirius understands and values the work we do each day, and our passion to 'be there' for our constituents. This transaction was a natural next step for IMG, and we look forward to continuing to work with Sirius long into the future."
"We wish the stop loss team continued success and are very grateful for the contributions that they have made to IMG over the years."
Sirius International, International Medical Group, Healthcare, A&H, Medical, M&A, Acquisition, Bermuda, North America