SiriusPoint Agrees To Sell Wholly Owned Supplemental Health Insurance Program Manager, ArmadaCare To Ambac Financial For $250M; Continues Capacity Partnership Until 2030

SiriusPoint Ltd. ("SiriusPoint") (NYSE: SPNT), a global specialty insurer and reinsurer, has today announced its agreement to sell wholly owned supplemental health insurance program manager, ArmadaCare ("Armada") to Ambac Financial Group Inc. ("Ambac") for $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030.

Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of $220-230 million, with the transaction valuing Armada at approximately 14x EBITDA1. Pro-forma tangible book value is expected to increase by approximately 10% upon close.

The transaction is expected to close in the fourth quarter, subject to customary closing conditions and receipt of regulatory approvals.