SiriusPoint, the Bermudian-based speciality insurer and reinsurer, has announced plans to expand its international medical and travel assistance platform following the acquisition of Assist America by its wholly-owned subsidiary, International Medical Group.

The company said that IMG, a provider of global insurance benefits and assistance services, has agreed to acquire Assist America, an American-based emergency travel assistance specialist founded in 1990 by George Howard III.

Assist America generates about $20 million in annual assistance revenues and primarily sells its services to insurers as part of corporate benefit plans. The business provides emergency travel assistance to more than 40 million members across North America, Asia and the Middle East.

SiriusPoint said the deal will greatly boost IMG’s third-party medical and travel assistance revenues, increase its scale in the United States, and expand its geographic reach into Asia and the Middle East.

Scott Egan, chief executive of SiriusPoint, said the transaction was a strategic step in strengthening IMG’s global assistance offering.

“Assist America is a highly-respected business with deep expertise in emergency travel assistance, and this deal creates significant future growth opportunities,” Mr Egan said. He added that the acquisition is expected to be accretive to both return on equity and earnings per share, while adding capital-light fee income.

Will Nihan, CEO of IMG, said the acquisition would expand IMG’s global reach and improve its ability to deliver medical and travel assistance worldwide.

“Together, we will continue to innovate and provide best-in-class service to our partners and customers,” Mr Nihan said.

Brian Mulligan, CEO of Assist America, said the company was looking ahead to its next chapter after 35 years as a family-owned business, supported by the financial strength of SiriusPoint and IMG.

Insurance Advisory Partners LLC acted as SiriusPoint’s exclusive financial adviser, with Mayer Brown LLP serving as legal adviser. DDA & Co advised Assist America, with Fox Rothschild LLP acting as its legal counsel.