Business
SiriusPoint Announces Sale of ArmadaCare MGA for $250m with Long Term Capacity Deal Until 2030
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 $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030. Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of $220-230 millio
About this update from Siriuspoint Ltd.
[{"type":"image","alt":"SiriusPoint Ltd.","displaySize":"","headline":null,"caption":"SiriusPoint Ltd.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":289,"url":"https://media.zenfs.com/en/globenewswire.com/6820e4ca27b2842f5b5bb305bf054ccd"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/85IlKkWZQxUxIk_FKrbHtA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTQwNTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/6820e4ca27b2842f5b5bb305bf054ccd","width":300,"height":289}},"lazy":false},{"type":"text","content":"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 $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030.","length":410,"tagName":"p"},{"type":"text","content":"Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of $220-230 million, with the transaction valuing Armada at approximately 14x EBITDA1. Pro-forma tangible book value is expected to increase by approximately 10% upon close.","length":244,"tagName":"p"},{"type":"text","content":"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.","length":280,"tagName":"p"},{"type":"text","content":"“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.","length":253,"tagName":"p"},{"type":"text","content":"“We reaffirm our across-the-cycle target return on equity of 12% to 15%.”","length":73,"tagName":"p"},{"type":"text","content":"The transaction is expected to close in the fourth quarter, subject to customary closing conditions and receipt of regulatory approvals.","length":136,"tagName":"p"},{"type":"text","content":"Jefferies LLC served as SiriusPoint’s exclusive financial advisor and Paul Hastings LLP served as legal advisor in ...