SiriusPoint Ltd. (“SiriusPoint” or the “Company”) , a global specialty insurer and reinsurer, has announced that International Medical Group (“IMG”), a leader in global insurance benefits and assistance services, and SiriusPoint’s wholly owned subsidiary, will acquire Assist America.
Founded in 1990, by George W. Howard, III, Assist America is a leading provider of global emergency travel assistance services, producing around $20 million in annual assistance revenues.
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Assist America primarily sells its services to insurance companies as part of their corporate benefit plan products. It provides reliable global emergency assistance to over 40 million members across Asia, the Middle East and North America. The acquisition will significantly bolster IMG’s third-party medical and travel assistance revenue, increase scale in the US, and expand its coverage to Asia and the Middle East.
Scott Egan, Chief Executive Officer at SiriusPoint, said: “The acquisition of Assist America represents a strategic step forward in strengthening IMG’s global assistance services offering. Assist America is a highly respected business with deep expertise in emergency travel assistance, and this deal creates significant future growth opportunities.
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“The acquisition is accretive to both return on equity and earnings per share, adds additional capital-light fee income, and reinforces our commitment to building a diversified, high-performing portfolio.”
Will Nihan, Chief Executive Officer at IMG, said: “The acquisition of Assist America expands our global reach and enhances our ability to deliver best-in-class medical and travel assistance solutions to clients worldwide. Assist America brings exceptional capabilities and a strong reputation. Together, we will continue to innovate and provide unparalleled service to our partners and customers.”
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Brian Mulligan, Chief Executive Officer at Assist America, said: “We are proud of what we have accomplished over 35 years as a family-owned company, and are excited to embark on the next chapter of our journey with the added financial strength and resources of SiriusPoint and IMG behind us.”
Insurance Advisory Partners LLC served as SiriusPoint’s exclusive financial advisor and Mayer Brown LLP served as legal advisor. DDA & Company served as Assist America’s exclusive financial advisor and Fox Rothschild LLP served as legal advisor.
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Source : globenewswire