International Medical Group (IMG) is buying Assist America for an undisclosed sum.
Founded in 1990, by George W. Howard III, Assist America provides global emergency travel assistance services, producing around $20m in annual assistance revenues.
The firm primarily sells its services to insurance companies as part of their corporate benefit plan products. It provides global emergency assistance to more than 40 million members across Asia, the Middle East and North America.
IMG parent company SiriusPoint said the deal would significantly bolster the insurer’s third-party medical and travel assistance revenue, increase scale in the US, and expand its coverage to Asia and the Middle East.
Will Nihan, chief executive officer of IMG, said it expanded the insurer’s global reach and enhanced its ability to deliver medical and travel assistance solutions to clients worldwide.
Scott Egan, chief executive officer of SiriusPoint, said it was a strategic step forward to supporting IMG’s global assistance services offering.
“Assist America is a highly respected business with deep expertise in emergency travel assistance, and this deal creates significant future growth opportunities,“ he said.
“The acquisition is accretive to both return on equity and earnings per share, adds additional capital-light fee income, and reinforces our commitment to building a diversified, high-performing portfolio.”
Brian Mulligan, chief executive officer of Assist America, said: “We are proud of what we have accomplished over 35 years as a family-owned company, and are excited to embark on the next chapter of our journey with the added financial strength and resources of SiriusPoint and IMG behind us.”
