Ambac Financial Group, a New York-based insurance holding company, has announced a definitive agreement to acquire ArmadaCare from SiriusPoint, in a deal valued at $250m.
The transaction forms a key part of Ambac’s strategy to expand its specialty insurance platform and diversify its product portfolio, according to InsurTech Insights.
The company said the acquisition will materially accelerate the growth and scale of its distribution platform, enhance product diversification, and broaden relationships with distribution and capacity partners.
Founded to provide innovative workplace benefit products, ArmadaCare develops supplemental health and employee insurance solutions designed to complement primary healthcare plans.
Its offerings are tailored to employers seeking to enhance staff benefits and strengthen talent retention.
Ambac, meanwhile, operates a diversified mix of specialty underwriting and distribution businesses across the United States and the United Kingdom.
Ambac said the acquisition will strengthen its position in the attractive Accident and Health sector. It also highlighted ArmadaCare’s differentiated model, which includes white-glove service and regulatory expertise, as a sustainable competitive advantage. ArmadaCare will continue to be led by CEO Ed Walker and his management team following the close of the transaction.
The deal is expected to be financed through a combination of cash on hand and newly issued debt. Financing includes a $120m commitment from Truist Bank, made up of a $100m Term Loan A and a $20m revolving credit facility. Ambac expects the acquisition to become accretive to shareholders by 2026, support progress toward its 2028 EBITDA targets, and deliver revenue synergies.
The boards of both companies have approved the deal, which is expected to close in the fourth quarter of 2025, subject to regulatory approvals. Truist Securities, UBS, and BMS Capital Solutions acted as financial advisors to Ambac, with Norton Rose Fulbright as legal counsel. SiriusPoint was advised by Jefferies LLC and Paul Hastings LLP. Ambac also plans to discuss the transaction and its broader strategic priorities on a conference call and webcast scheduled for 30 September 2025.
Ambac president and chief executive officer Claude LeBlanc said, “The addition of ArmadaCare materially accelerates the growth and scale of our distribution platform, strengthens specialty product diversification, and expands relationships with distribution and capacity partners. Led by CEO Ed Walker, the ArmadaCare team has a proven track record of building a successful business with exceptional leadership and a clear vision of how to compete and succeed in their niche market. We are pleased to welcome them to the Ambac family as a highly valuable addition to our platform.”
ArmadaCare chief executive officer Ed Walker said, “We could not be more excited to join the Ambac family of MGAs. Ambac’s commitment to empowering their MGAs, coupled with our deep relationships with long-term underwriting partners, will fuel the continued growth and future success of our business and further establish our position as a leading health insurance solutions provider.”
SiriusPoint chief executive officer Scott Egan said, “We are delighted to continue our long-term capacity agreement with Armada and look forward to the team continuing to drive strong underwriting performance for our Accident and Health segment. We wish the team well for an exciting new chapter under the ownership of Ambac.”
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