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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.

(Related: 3 Factors Shaping International Health Insurance Prices Now)

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.

CM International Holding of Singapore, a subsidiary of China Minsheng Investment Corp., acquired control over Sirius from White Mountains Insurance Group of Bermuda in April 2016.

If Sirius had a theoretical purchase price equal to 20 times earnings, or about $1.4 billion, then a 6% stake in Sirius might be worth roughly $85 million.

IMG was founded in 1989 and has been using Sirius as a reinsurer since 1997. Sirius says it’s acquiring IMG now because it wants to expand its accident and health operations.

Brian Barwick, the current IMG president, will continue to run IMG, Sirius says.

IMG had a subsidiary, IMG-Stop Loss, that acted as a managing general underwriter in the medical stop-loss market. IMG is spinning off the stop-loss unit and selling it to the unit’s managers, according to IMG.

— Read Using Self-Funding to Battle Clients’ Health Care Costs on ThinkAdvisor.