Sirius International Insurance Group, a re/insurance company specialising in accident and health insurance, has acquired International Medical Group (IMG), a global provider of medical insurance products and assistance services.
IMG, previously owned by private equity investment firm ABRY Partners, was acquired by Sirius in a stock swap transaction mostly composed by Sirius preference shares, which can be converted into common shares. As such, an entity controlled by ABRY will end up owning up to 6% of Sirius’s common shares on a fully converted basis.
Brian Barwick, former president and chief executive of IMG, will return to his position at the helm of the company. Barwick has been with IMG for 23 years, having stepped down as CEO in November 2016 when he took up the role of executive chairman.
Allan Waters, Sirius Group chairman, commented on the acquisition: “Over the course of our relationship that has spanned over 20 years, 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 and health offerings and supports our long-term growth strategy.”
IMG subsidiary IMG-Stop Loss, a managing general underwriter engaged in medical stop loss insurance products for self-funded employers, has been spun off as part of the transaction and acquired by the management team.
In April 2016, Sirius was acquired by China Minsheng Investment Corp. in a US$2.6 billion deal with Bermuda-based White Mountains Insurance Group.
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