11-07-2025 4:34am

Hunt Valley Firm

Ambac Financial Group to Acquire Leading Supplemental Health Program Manager ArmadaCare

Acquisition follows closing of sale of Ambac’s legacy financial guarantee businesses and completion of Ambac’s transformation into a pure-play MGA and specialty insurance platform

Addition of leading supplemental health insurance program manager significantly strengthens Ambac’s market position, propels growth trajectory, and accelerates specialty insurance distribution strategy

Transaction expected to be accretive to Ambac shareholders in 2026

Ambac Financial Group, Inc. ("Ambac") (NYSE: AMBC), an insurance holding company, today announced it has entered into a definitive agreement to acquire ArmadaCare, a leading supplemental health insurance program manager, from SiriusPoint Ltd. ("SiriusPoint") (NYSE: SPNT) for $250 million.

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.

"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," said Ambac President and Chief Executive Officer Claude LeBlanc. "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."

Ed Walker, Chief Executive Officer of ArmadaCare, 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."

Scott Egan, Chief Executive Officer of SiriusPoint, added, "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."