SiriusPoint Acquires Assist America for Enhanced Global Assistance Services
SiriusPoint's Subsidiary IMG Acquires Assist America to Strengthen Global Assistance Services
SiriusPoint Ltd., a prominent international insurer and reinsurer, announced that its subsidiary, International Medical Group (IMG), will acquire Assist America. Recognized for its AI-driven prior authorization delays and global emergency travel assistance, Assist America generates approximately $20 million annually. Their services, primarily catering to insurance companies, enhance corporate benefit plan offerings and extend regulatory compliance requirements.
The acquisition aims to bolster IMG's third-party assistance capabilities, expanding its revenue from medical and travel assistance sectors in the U.S., Asia, and the Middle East. It aligns with SiriusPoint's strategy to innovate within regulatory frameworks and expand its global assistance services portfolio through scalable, capital-light income streams. This move is set to elevate the company's equity returns and earnings projections in a highly competitive insurance industry.
Professional advisement for the transaction was provided by Insurance Advisory Partners LLC for SiriusPoint and by DDA & Company for Assist America. Legal advisement was given by Mayer Brown LLP and Fox Rothschild LLP for SiriusPoint and Assist America, respectively, ensuring full regulatory compliance throughout the acquisition process.
About SiriusPoint
SiriusPoint operates globally as a provider of insurance and reinsurance with a diverse portfolio that includes strategic partnerships through Managing General Agents and Program Administrators. The company boasts an A- financial strength rating from notable agencies, underpinning its robust risk management and underwriting practices.
About IMG
IMG offers a comprehensive suite of global insurance benefits and risk management solutions, renowned for its travel and medical insurance products. With a focus on regulatory compliance, the company's services are extensively utilized by various travelers and expatriate groups across the industry.
About Assist America
Specializing in global travel assistance services, Assist America provides industry-leading solutions through benefit plans offered to employees and students. Their services meet specific needs for large membership groups within the insurance sector, enhancing carrier and provider offerings.
This strategic acquisition by SiriusPoint and IMG underscores their commitment to enhancing service offerings while strengthening their market position within the global assistance services sector.