Sweden-based Sirius International Insurance Corp. on May 26 acquired International Medical Group from private equity investment firm ABRY Partners LLC.
A "substantial portion" of the consideration — the size of which was not disclosed — was in the form of Sirius preference shares, which are convertible into Sirius common shares. Thus, an entity controlled by ABRY would hold up to about 6% of Sirius' common shares on a fully converted basis after the transaction.
IMG will continue to be run by President and CEO Brian Barwick, who has been with the firm for 23 years. The company's subsidiary, IMG-Stop Loss, has been spun off and acquired by the management team that runs the business unit.
IMG, an Indianapolis-based provider of global insurance benefits and assistance services, was acquired by ABRY Partners in November 2015.
Sirius group Chairman Allan Waters said the acquisition further enhances the company's global accident and health offerings and supports its long-term growth strategy.