Sirius International Insurance acquires IMG
Sirius International Insurance Group, a global (re)insurance company based in Bermuda with a leading position in Accident & Health insurance, in May 2017 announced its acquisition of Indianapolis, U.S.A., -based International Medical Group (IMG). IMG is a provider of global medical insurance products and assistance services and the second addition of an accident & health business to Sirius’s specialty insurance platform in as many months.
Allan Waters, Sirius Group Chairman, commented, “We are proud to have our long-time business partner IMG join the Sirius family of companies. Over the course of our [20-year relationship], we have witnessed IMG grow and evolve, while consistently delivering innovative products and superior service to its clients. This acquisition is a natural fit within Sirius’s specialty insurance segment that further enhances our global Accident & Health offerings and supports our long-term growth strategy.”
IMG President & CEO Brian Barwick, who has been with IMG for 23 years and has worked with Sirius throughout his tenure, will run IMG.
Sirius purchased IMG from private equity investment firm ABRY Partners. A substantial portion of the transaction consideration is in the form of Sirius preference shares. These shares are convertible into Sirius common shares. As a result, on a fully converted basis an entity controlled by ABRY would own up to approximately 6 percent of Sirius’s common shares following the transaction.
At the same time, IMG’s subsidiary, IMG-Stop Loss, a managing general underwriter dedicated to medical stop-loss insurance products for self-funded employers, has been spun off and acquired by the management team that currently runs this business unit.
Sirius International Insurance Group, Ltd (SIIG) is a wholly owned, Bermuda-domiciled subsidiary of CMIG International through its Bermuda holding company, CM Bermuda Limited. CMIG International is a Singapore based investment holding company owned by private investors. SIIG is the holding company for the Group’s principal operating companies: Sirius Bermuda, headquartered in Bermuda; Sirius International, headquartered in Stockholm; Sirius America, headquartered in New York City; Sirius International Managing Agency Limited, London. In addition, Sirius provides run-off services through Sirius Global Solutions. Underwriting offices are in Bermuda, Hamburg, Liège (Belgium), London, Miami, New York City, Singapore, Stockholm, Toronto and Zürich. SIIG’s business lines include: lead capacity for property, casualty, accident & health and marine exposures; and substantial multi-line capacity in all territories.