Based in Hunt Valley, Maryland, ArmadaCare provides innovative supplemental health and workplace benefit products tailored to employers. Its offerings are designed to complement primary healthcare plans while helping companies compete for talent. Ambac said the acquisition will materially accelerate the growth and scale of its distribution platform, strengthen product diversification, and expand relationships with distribution and capacity partners.
Ambac President and Chief Executive Officer Claude LeBlanc said the transaction underscores the company’s commitment to growing its specialty insurance capabilities. “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,” he said. “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, noted that the transaction aligns with the company’s long-term strategy. “We could not be more excited to join the Ambac family of MGAs,” he said. “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 added that his company looks forward to continuing its partnership with Armada. “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,” he said.
Ambac emphasized several strategic and financial benefits of the deal. The acquisition expands its presence in the attractive Accident and Health sector while broadening its distribution platform across products and business lines in non-correlated markets. ArmadaCare’s differentiated business model, including white-glove service and regulatory expertise, creates a sustainable competitive advantage. The company also highlighted the continuity of ArmadaCare’s relationships with capacity providers, including a new five-year commitment with SiriusPoint. The transaction is expected to contribute to revenue synergies, accelerate progress toward Ambac’s 2028 EBITDA targets, and become accretive to shareholders by 2026.
Ambac will finance the $250 million acquisition through a combination of cash on hand and newly issued debt. Financing arrangements include a $120 million commitment by Truist Bank, consisting of a $100 million Term Loan A and a $20 million revolving credit facility. ArmadaCare CEO Ed Walker and his management team will continue to lead the business after the transaction closes.
The deal has been approved by the boards of both companies and is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals. Truist Securities, UBS, and BMS Capital Solutions acted as financial advisors to Ambac, while Norton Rose Fulbright served as legal counsel. Jefferies LLC advised SiriusPoint, and Paul Hastings LLP provided legal counsel.
Ambac plans to discuss the transaction in greater detail during a conference call and webcast scheduled for September 30, 2025. The event will also provide an update on the company’s broader strategic priorities, including its focus on scaling its specialty insurance platform.
Ambac Financial Group is an insurance holding company headquartered in New York City, with a diversified mix of specialty underwriting and distribution businesses in the United States and United Kingdom. ArmadaCare is recognized for delivering supplemental health solutions that enhance employer benefits and improve talent retention. SiriusPoint, headquartered in Bermuda, is a global underwriter of insurance and reinsurance with approximately $2.8 billion in total capital and an A- financial strength rating from AM Best, S&P, and Fitch, and A3 from Moody’s.
