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SiriusPoint Acquires Assist America to Enhance Global Insurance Offerings

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SiriusPoint Ltd., a prominent global insurer and reinsurer, has announced its strategic acquisition of Assist America through its subsidiary, International Medical Group (IMG). This transaction aims to bolster IMG's expertise in global insurance benefits and assistance services, enhancing its competitive edge in the industry.

Enhancing Global Assistance Capabilities

Assist America, established in 1990, specializes in emergency travel assistance services and generates approximately $20 million in annual revenue. The company provides its offerings primarily through partnerships with insurance carriers, integrating these services into corporate benefit plans. With a reach extending to over 40 million members across Asia, the Middle East, and North America, this acquisition positions IMG to expand significantly in these key markets.

Strategic Portfolio Diversification

The acquisition aligns with SiriusPoint's strategic focus on diversifying its portfolio and enhancing the performance of its insurance offerings. This move is expected to strengthen IMG's revenue from third-party medical and travel assistance services, offering robust growth opportunities in global markets, particularly in the United States, Asia, and the Middle East.

SiriusPoint anticipates a positive impact on return on equity and earnings per share by incorporating capital-light fee income into its balance sheet. The advisory roles for this transaction included Insurance Advisory Partners LLC and Mayer Brown LLP representing SiriusPoint, with DDA & Company and Fox Rothschild LLP advising Assist America.

Headquartered in Bermuda and listed on the New York Stock Exchange, SiriusPoint operates under licenses for Property & Casualty and Accident & Health insurance and reinsurance globally. This acquisition underscores the company's commitment to leveraging strategic partnerships and enhancing distribution capabilities to meet regulatory compliance requirements and manage underwriting risks efficiently.