On September 29, Ambac Financial Group announced that it entered into an agreement to acquire ArmadaCare for $250 million. The seller was SiriusPoint Ltd., a global underwriter of insurance and reinsurance.
ArmadaCare is a leading insurance program manager specializing in supplemental health insurance solutions that enhance ordinary employer health benefits and address workforce challenges through tailored plans and cost-control strategies. The company was founded in 2004 and is headquartered in Hunt Valley, Maryland.
Headquartered in New York City, Ambac Financial Group owns and operates specialty property and casualty insurance businesses.
A multidisciplinary team from global law firm Norton Rose Fulbright represented Ambac in connection with the transaction, which is expected to close in Q4 2025. The deal is expected to materially accelerate the growth and scale of Ambac’s distribution platform, strengthen specialty product diversification and expand relationships with distribution and capacity partners.
According to data captured in the LevinPro HC database, this transaction marks the 17th Managed Care acquisition of the year. Throughout 2024, 27 Managed Care transactions were reported.
