SiriusPoint Announces Sale of ArmadaCare MGA for $250m with Long Term Capacity Deal Until 2030
SiriusPoint (NYSE: SPNT) has agreed to sell ArmadaCare, its supplemental health insurance program manager, to Ambac Financial Group for $250 million. The transaction values Armada at approximately 14x EBITDA and is expected to generate a pre-tax gain of $220-230 million for SiriusPoint.
While divesting its equity stake, SiriusPoint will maintain a capacity partnership with Armada through 2030. The deal is anticipated to increase pro-forma tangible book value by 10% upon closing in Q4 2025. The company maintains its across-the-cycle target return on equity of 12% to 15% and continues to see growth opportunities in its Accident & Health segment, including through its International Medical Group platform.
SiriusPoint (NYSE: SPNT) ha accettato di vendere ArmadaCare, il suo programma di gestione dell'assicurazione sanitaria supplementare, ad Ambac Financial Group per $250 million. La transazione valuta Armada a circa 14x EBITDA e si prevede che produca un utile ante imposte di $220-230 million per SiriusPoint.
Mentre cede la sua quota azionaria, SiriusPoint manterrà una partnership di capacità con Armada fino al 2030. Si prevede che l'operazione aumenti il valore contabile tangibile pro-forma di 10% al closing nel 4° trimestre del 2025. L'azienda mantiene il suo obiettivo di ROE su base ciclica tra il 12% e il 15% e continua a vedere opportunità di crescita nel segmento Accident & Health, anche tramite la piattaforma International Medical Group.
SiriusPoint (NYSE: SPNT) ha acordado vender ArmadaCare, su programa de gestión de seguros de salud suplementarios, a Ambac Financial Group por $250 million. La operación valora Armada en aproximadamente 14x EBITDA y se espera que genere una ganancia antes de impuestos de $220-230 million para SiriusPoint.
Mientras desinvierte su participación, SiriusPoint mantendrá una asociación de capacidad con Armada hasta 2030. Se prevé que el acuerdo incremente el valor contable tangible pro forma en 10% al cierre del 4T 2025. La compañía mantiene su objetivo de ROE cíclico entre el 12% y el 15% y continúa viendo oportunidades de crecimiento en su segmento Accident & Health, también a través de su plataforma International Medical Group.
SiriusPoint (NYSE: SPNT)는 보조 건강 보험 프로그램 관리자인 ArmadaCare를 $250 million에 Ambac Financial Group에 매각하기로 합의했습니다. 거래는 Armada를 약 14x EBITDA로 평가하며 SiriusPoint에 대해 $220-230 million의 세전 이익을 창출할 것으로 예상됩니다.
지분 매각을 하는 한편, SiriusPoint는 2030년까지 Armada와의 역량 파트너십을 유지합니다. 거래는 2025년 4분기 종결 시 프로포마 실질장부가치가 10% 증가할 것으로 예상됩니다. 이 회사는 순환적 ROE 목표를 12%에서 15% 사이로 유지하며, International Medical Group 플랫폼을 포함한 Accident & Health 부문에서의 성장 기회를 계속 보고 있습니다.
SiriusPoint (NYSE : SPNT) a accepté de vendre ArmadaCare, son gestionnaire de programmes d’assurance maladie complémentaire, à Ambac Financial Group pour 250 millions de dollars. L’opération évalue Armada à environ 14x l’EBITDA et devrait générer un gain avant impôt d’environ 220-230 millions de dollars pour SiriusPoint.
Tout en cédant sa participation, SiriusPoint conservera un partenariat de capacité avec Armada jusqu’en 2030. On prévoit que l’accord augmente la valeur comptable tangible pro forma de 10% à la clôture du 4e trimestre 2025. La société maintient son objectif de ROE cyclique entre 12% et 15% et continue de voir des opportunités de croissance dans le segment Accident & Health, y compris via sa plateforme International Medical Group.
SiriusPoint (NYSE: SPNT) hat zugestimmt, ArmadaCare, sein Programmmanager für ergänzende Krankenversicherung, an Ambac Financial Group für 250 Millionen US-Dollar zu verkaufen. Die Transaktion bewertet Armada auf etwa 14x EBITDA und es wird erwartet, dass sie SiriusPoint einen steuerlichen Gewinn von 220-230 Millionen US-Dollar einbringt.
Während man seine Beteiligung veräußert, wird SiriusPoint eine Kapazitäts-Partnerschaft mit Armada bis 2030 aufrechterhalten. Die Vereinbarung dürfte den pro-forma greifbaren Buchwert nach Abschluss im Q4 2025 um 10% erhöhen. Das Unternehmen hält an seinem zyklusunabhängigen ROE-Ziel von 12% bis 15% fest und sieht weiterhin Wachstumschancen im Accident & Health-Segment, auch durch seine International Medical Group-Plattform.
سيريوس بوينت (NYSE: SPNT) وافقت على بيع ArmadaCare، برنامج إدارة التأمين الصحي التكميلي لديها، إلى Ambac Financial Group مقابل 250 مليون دولار. تقيم الصفقة Armada بنحو 14x EBITDA ومن المتوقع أن تحقق لسيريوس بوينت ربحاً قبل الضرائب يقارب 220-230 مليون دولار.
بينما تبيع حصتها، ستحتفظ سيريوس بوينت بشراكة قدرة مع Armada حتى عام 2030. من المتوقع أن يزيد الصفقة قيمة دفترية ملموسة pro forma بنسبة 10% عند الإغلاق في الربع الرابع من 2025. تحافظ الشركة على هدف عائد حقوق المساهمين (ROE) على مدى الدورة عند 12-15% وتستمر في رؤية فرص نمو في قطاع Accident & Health، بما في ذلك من خلال منصة International Medical Group.
SiriusPoint（NYSE: SPNT） 已同意以 $250 million 将 ArmadaCare 出售给 Ambac Financial Group，该项目是其补充健康保险计划的管理者。交易将 Armada 估值定在大约 14x EBITDA，预计将为 SiriusPoint 产生 $220-230 million 的税前收益。
在处置股权的同时，SiriusPoint 将与 Armada 保持至 2030 年的容量伙伴关系。交易预计在 2025 年第四季度完成时，合并后的有形账面价值将提高 10%。公司维持周期性 ROE 目标在 12% 至 15% 之间，并继续在其事故与健康（Accident & Health）板块看到增长机会，包括通过其 International Medical Group 平台。
- Sale price of $250 million represents 14x EBITDA multiple
- Expected pre-tax gain of $220-230 million from the transaction
- Pro-forma tangible book value expected to increase by 10%
- Maintains long-term capacity partnership with Armada until 2030
- Unlocks significant off-balance sheet value while retaining business relationship
- Divestment of wholly-owned profitable subsidiary could impact future earnings potential
HAMILTON, Bermuda, Sept. 29, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, has today announced its agreement to sell wholly owned supplemental health insurance program manager, ArmadaCare (“Armada”) to Ambac Financial Group Inc. (“Ambac”) for
Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of
Scott Egan, SiriusPoint’s Chief Executive Officer, said: “The sale of our equity stake is an important step in unlocking the significant off-balance sheet value of Armada. We look forward to continuing our strong partnership with the team through our long-term capacity agreement.
“We are proud of our leading capabilities in the Accident & Health segment, which includes our ownership of premier travel platform International Medical Group (IMG), and we see attractive growth opportunities for our A&H business going forward.
“We reaffirm our across-the-cycle target return on equity of
The transaction is expected to close in the fourth quarter, subject to customary closing conditions and receipt of regulatory approvals.
Jefferies LLC served as SiriusPoint’s exclusive financial advisor and Paul Hastings LLP served as legal advisor in the sale of Armada.
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately
About ArmadaCare
A leading insurance program manager, ArmadaCare delivers uncommon health insurance solutions designed to enhance ordinary health benefits. With the steadfast belief that health insurance should be better, ArmadaCare’s plans fill voids in coverage for routine and unexpected healthcare expenses, offer valuable health and productivity support services and invite usage with modern conveniences and people-first service. The result gives our clients the edge they need to retain, recruit and reward key talent. Learn more at www.ArmadaCare.com
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is an insurance holding company headquartered in New York City. Ambac consists of a diverse mix of specialty insurance underwriting and distribution businesses in the U.S. and U.K. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, please go to www.ambac.com
Forward-Looking Statements
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this press release.
Contacts
Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+44 203 772 3082
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718 882011
1 Based on Last Twelve Months Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
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