HAMILTON, Bermuda and HUNT VALLEY, Md., April 05, 2017 (GLOBE NEWSWIRE) -- Sirius International Insurance Group, Ltd. (“Sirius”), a global (re)insurance company with a leading position in Accident & Health insurance, is pleased to announce the acquisition of ArmadaCorp Capital, LLC (“ArmadaGlobal”), a market leading provider of supplemental healthcare insurance products and administration services in the United States.
“Sirius and ArmadaGlobal are natural partners, and this is a win-win-win transaction for all involved,” commented Sirius Group Chairman and CEO Allan Waters. Waters elaborated further: "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."
The business will continue to be run by ArmadaGlobal's current management team, including Ed Walker who will step into the role of CEO for the insurance products company, ArmadaCare, and Steven Schaefer as CEO for the healthcare information technology company, ArmadaHealth. Sullivan and Rogers will serve on ArmadaGlobal's Board of Directors as key strategic advisors. ArmadaGlobal will remain in its current headquarters in Hunt Valley, Maryland, where it houses both the ArmadaCare and ArmadaHealth businesses.
"We are immensely grateful to all of ArmadaGlobal's dedicated employees who have helped build the company into what it is today," said Keith Sullivan. "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 organization."
Ed Walker concurs: "We are excited about the next chapter of ArmadaGlobal's history. With Sirius's strong resources and established Accident & 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 is a global (re)insurance company founded in Stockholm in 1945 with its group corporate headquarters in Hamilton, Bermuda. Sirius Group has $2.6 billion of GAAP capital and wrote $1.3 billion of premiums in 2016, $435 million of which related to Accident & Health. Its largest offices are in Stockholm, New York City and London. Additional information is available at Sirius Group's web site located at www.siriusgroup.com.
An insurance services and healthcare technology business, ArmadaGlobal creates specialty health and benefit products, delivered with its hallmark world-class service excellence. Employers and strategic partners choose ArmadaGlobal's innovative products and services to drive product differentiation and meet the health and benefit needs of employee constituent groups. Ultimate Health is its market-leading, insured healthcare reimbursement plan that covers the growing out-of-pocket healthcare expenses increasingly burdening families today. ArmadaGlobal’s marquee health advisory product, TopDoc Connect, uses a proprietary physician-patient matching platform to objectively guide members to the specialty care they need, when they need it and to help speed them on their journey to health. Learn more at www.ArmadaGlobal.com
For questions regarding this announcement, please contact: For Sirius and ArmadaGlobal Thomas Leonardo, Head of U.S. Accident & Health, Sirius America Insurance Company +1.203.846.5108 Kip Oberting, Chief Financial Officer, Sirius International Insurance Group, Ltd. +1.603.277.3415
Source:ARMADACORP CAPITAL, LLC