SiriusPoint sells ArmadaCare to Ambac Financial Group for $250 million

* SiriusPoint (NYSE:SPNT [https://seekingalpha.com/symbol/SPNT]) announced on Monday its agreement to sell wholly owned supplemental health insurance program manager, ArmadaCare to Ambac Financial Group 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 EBITDA. Pro-forma tangible book value is expected to increase by approximately 10% upon close.
* The transaction is expected to close in the fourth quarter.
* Jefferies served as SiriusPoint’s exclusive financial advisor, and Paul Hastings served as legal advisor in the sale of Armada.
* Source: Press Release [https://seekingalpha.com/pr/20247978-siriuspoint-announces-sale-of-armadacare-mga-for-250m-with-long-term-capacity-deal-until-2030]

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