Ambac Financial to acquire ArmadaCare for $250M

Ambac Financial (AMBC) “announced it has entered into a definitive agreement to acquire ArmadaCare, a leading supplemental health insurance program manager, from SiriusPoint Ltd. (SPNT) for $250M. Headquartered in Hunt Valley, Maryland, ArmadaCare specializes in innovative supplemental health and workplace benefit products tailored to employer needs. ArmadaCare’s unique insurance benefits complement primary healthcare plans and give companies the extra edge they need to compete for talent. The strategic combination will materially accelerate the growth and scale of Ambac’s distribution platform, strengthen specialty product diversification, and expand relationships with distribution and capacity partners.”