International Medical Group (IMG), a wholly-owned subsidiary of global specialty insurer and reinsurer SiriusPoint and a global leader in insurance benefits and assistance services, is to acquire Assist America.
SiriusPoint said the acquisition will significantly boost IMG’s third-party medical and travel assistance revenue, expand its scale in the United States and expand its coverage into Asia and the Middle East.
Founded in 1990, Assist America is a global provider of emergency travel assistance services, generating approximately $20 million in annual assistance revenue.
Assist America sells its services primarily to insurance companies as part of corporate benefit plan products, providing global emergency assistance to more than 40 million members in Asia, the Middle East and North America.
Scott Egan, CEO of SiriusPoint, commented: “The acquisition of Assist America represents a strategic step for IMG to strengthen its global assistance services. Assist America is a well-respected business with deep expertise in emergency travel assistance, and this transaction creates significant future growth opportunities.”
“This acquisition is accretive to return on equity and earnings per share, adds additional capital-light expense revenue, and reinforces our commitment to building a diversified, high-performing investment portfolio.”
“The acquisition of Assist America expands our global reach and enhances our ability to provide best-in-class medical and travel assistance solutions to customers around the world,” said Will Nihan, CEO of IMG.
“Assist America brings exceptional capabilities and a strong reputation. Together, we will continue to innovate and provide unparalleled service to our partners and customers.”
Brian Mulligan, CEO of Assist America, added: “We are proud of what we have accomplished as a family-owned company for 35 years and are excited to begin the next chapter of our journey with the support of the financial strength and resources of SiriusPoint and IMG.”
