A Bermuda-based reinsurer has just made its second deal in the U.S. specialty health insurance market in less than two months.
The reinsurer, Sirius International Insurance Group Ltd., bought International Medical Group Inc., an Indianapolis-based issuer of international and travel health insurance, from ABRY Partners, a Boston-based private equity firm.
Sirius acquired another U.S. company, Hunt Valley, Maryland-based ArmadaGlobal, in April. ArmadaGlobal runs a health care reimbursement program and a service that helps patients find specialty care.
ABRY acquired IMG from two other private equity firms in November 2015.
Sirius did not put a dollar value on the IMG deal, but it said it will be using preferred stock to pay a “substantial portion” of the price. ABRY will end up owning about 6% of Sirius’s shares, according to Sirius.
Sirius, a company with roots in Sweden, reported $69 million in net income for 2016 on $1.3 billion in revenue, according to its 2016 financial statement.