US-based SiriusPoint has announced that its wholly owned subsidiary, International Medical Group (IMG), will acquire Assist America, a provider of global emergency travel assistance services.
Assist America, established in 1990 by George W. Howard, III, generates around $20m annually from its assistance services.
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The company mainly offers its solutions to insurers as part of their corporate benefit plan products, delivering emergency assistance to more than 40 million members in North America, Asia, and the Middle East.
With this acquisition, IMG aims to broaden its scale in the US, extend its presence in Asia and the Middle East, and increase its third-party travel and medical assistance revenue.
SiriusPoint CEO Scott Egan 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.
“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.”
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By GlobalDataIMG CEO Will Nihan 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.”
The deal comes after SiriusPoint agreed to divest its 49% equity stake in Arcadian Risk Capital, a managing general agent, to Lee Equity Partners in a deal valued at $139m.
Established in Bermuda in 2020 by industry veteran John Boylan, Arcadian has an underwriting portfolio that includes general liability, excess and surplus casualty, professional liability and property insurance.
In August this year, Arden Insurance Services received capacity support from SiriusPoint for its new insurance programme designed to protect against wildfire risks.
