Ambac Financial Group, Inc., an insurance holding company, announced it has signed a definitive agreement to acquire ArmadaCare, a leading supplemental health insurance program manager, from SiriusPoint Ltd. for $250 million.
Based in Hunt Valley, Maryland, ArmadaCare offers innovative supplemental health and workplace benefit solutions designed for employers. Its unique products complement primary healthcare plans, helping companies attract and retain top talent.
The acquisition is expected to significantly accelerate Ambac’s distribution platform growth, enhance specialty product diversification, and strengthen relationships with distribution and capacity partners.
“The addition of ArmadaCare materially accelerates the growth and scale of our distribution platform, strengthens specialty product diversification, and expands relationships with distribution and capacity partners,”
said Ambac President and Chief Executive Officer Claude LeBlanc.
“Led by CEO Ed Walker, the ArmadaCare team has a proven track record of building a successful business with exceptional leadership and a clear vision of how to compete and succeed in their niche market. We are pleased to welcome them to the Ambac family as a highly valuable addition to our platform.”
Ed Walker, Chief Executive Officer of ArmadaCare, said,
“We could not be more excited to join the Ambac family of MGAs. Ambac’s commitment to empowering their MGAs, coupled with our deep relationships with long-term underwriting partners, will fuel the continued growth and future success of our business and further establish our position as a leading health insurance solutions provider.”
Scott Egan, Chief Executive Officer of SiriusPoint, added,
“We are delighted to continue our long-term capacity agreement with Armada and look forward to the team continuing to drive strong underwriting performance for our Accident and Health segment. We wish the team well for an exciting new chapter under the ownership of Ambac.”
As part of the agreement, Ambac will acquire ArmadaCare from SiriusPoint for $250 million, financed through a mix of cash on hand and new debt.
This includes a $120 million commitment from Truist Bank, comprising a $100 million Term Loan A and a $20 million revolving credit facility. Upon closing, Walker will continue to lead ArmadaCare alongside his full management team.
The deal has received approval from both companies’ boards and is subject to customary closing conditions and regulatory approvals. It is not contingent on financing and is expected to finalize in Q4 2025.
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