Hunt Valley's ArmadaGlobal acquired by Bermuda-based insurance firm

Hunt Valley-based health insurance company ArmadaGlobal has been acquired by Sirius International Insurance Group Ltd., a global company that specializes in accident and health insurance.

ArmadaGlobal, which offers supplemental health care insurance and administration services in the U.S., will continue to be run by the current management team from the Hunt Valley headquarters, which employs 80 people.

The companies did not disclose the acquisition price.

"Sirius and ArmadaGlobal are natural partners, and this is a win-win-win transaction for all involved," Allan Waters, Sirius Group's chairman, said in an announcement Wednesday. "This acquisition fits well with Sirius' expertise and our long-term growth strategies."

ArmadaGlobal offers reimbursement plans to cover out-of-pocket health care expenses. The firm's health advisory product, TopDoc Connect, helps connect patients with physicians.

Sirius, based in Hamilton, Bermuda, and founded in 1945, wrote $1.3 billion of premiums last year, including $435 million related to accident and health insurance. It has offices in Stockholm, New York and London.

ArmadaGlobal founders Keith Sullivan and Brian Rogers will serve as strategic advisers on ArmadaGlobal's board of directors. Ed Walker of ArmadaGlobal will become CEO of the company's insurance products company, ArmadaCare, while Steven Schaefer will become CEO of the health care information technology company, ArmadaHealth.

lorraine.mirabella@baltsun.com

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