US-based SiriusPoint’s subsidiary, International Medical Group (IMG), to acquire Assist America, a global emergency travel assistance provider, generating around $20m annually. Assist America serves over 40 million members in North America, Asia, and the Middle East, mainly through insurers. Acquisition aims to broaden IMG’s scale and revenue streams.

SiriusPoint CEO, Scott Egan, views the Assist America acquisition as a strategic move to strengthen IMG’s global assistance services. The deal is expected to increase return on equity and earnings per share, add fee income, and enhance portfolio diversity. IMG CEO, Will Nihan, highlights the expansion of global reach and service capabilities for clients.

SiriusPoint recently agreed to divest its stake in Arcadian Risk Capital to Lee Equity Partners for $139m. Arcadian, founded in Bermuda in 2020, offers underwriting services for various insurance products. In another development, Arden Insurance Services received capacity support from SiriusPoint for wildfire risk protection.

The acquisition of Assist America by SiriusPoint expands IMG’s portfolio and global presence. The move signifies a strategic shift towards enhancing service capabilities and revenue streams. The deal with Assist America follows SiriusPoint’s divestment of its stake in Arcadian Risk Capital, showcasing a strategic realignment in its business focus.

Read more at Yahoo Finance: SiriusPoint expands IMG portfolio through Assist America acquisition