Sirius acquires supplemental health insurer ArmadaGlobal

Sirius International Insurance Group, a global accident and health insurance carrier, has acquired Hunt Valley, Md.-based supplemental health insurance company ArmadaGlobal.

Terms of the transaction were not disclosed.

According to a statement from Bermuda-based Sirius, ArmadaGlobal will continue to be run by the current management team from the Hunt Valley headquarters, which employs 80 people.

A division, ArmadaHealth, is also based in Hunt Valley.

ArmadaGlobal offers reimbursement plans to cover out-of-pocket health care expenses. The firm’s health advisory product, TopDoc Connect, helps connect patients with physicians.

“Sirius and ArmadaGlobal are natural partners, and this is a win-win-win transaction for all involved,” Allan Waters, Sirius Group’s chairman, said in a statement. “This acquisition fits well with Sirius’ expertise and our long-term growth strategies.”

Sirius, based in Hamilton, Bermuda, and founded in 1945, wrote $1.3 billion of premiums last year, including $435 million related to accident and health insurance. It has offices in Stockholm, New York and London.

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.”