Ambac Financial Group, a leading insurance holding company, has completed its acquisition of ArmadaCare, a prominent supplemental health insurance program manager, from SiriusPoint Ltd. The transaction, which was previously announced, strengthens Ambac’s presence in the accident and health sector and expands its overall insurance portfolio.
Following the acquisition, ArmadaCare will continue to operate under its own brand as a wholly owned subsidiary of Ambac. The company’s leadership team, including Chief Executive Officer Ed Walker, will remain in place to ensure continuity and maintain its established market relationships.
Ambac emphasized that the acquisition of ArmadaCare represents a strategic step in diversifying its business and enhancing its distribution capabilities. ArmadaCare’s established expertise in supplemental health insurance complements Ambac’s existing insurance lines, strengthening its position within the broader specialty insurance landscape.
KEY QUOTES:
“We are thrilled to welcome the ArmadaCare team. ArmadaCare strengthens our financial profile, diversifies our distribution platform, and offers complementary capabilities to our existing accident and health businesses.”
Claude LeBlanc, President and Chief Executive Officer, Ambac Financial Group
“The ArmadaCare team is excited to be joining the Ambac family and continuing our successful capacity partnership with SiriusPoint. Congratulations to all for getting the transaction over the finish line! We look forward to the next chapter in ArmadaCare’s journey.”
Ed Walker, Chief Executive Officer, ArmadaCare
