Bermuda Company Acquires IMG
Bermuda-based Sirius International Insurance Group Ltd. has acquired Indianapolis-based International Medical Group. Financial terms of the deal were not disclosed, however Sirius says Brian Barwick, former president and chief executive officer of IMG, will return to his previous role.
Sirius Group Chairman Allan Waters calls the acquisition a "natural fit within Sirius's specialty insurance segment." The companies have been doing business together for more than 20 years.
In November, IMG announced the promotion of Todd Hancock as president and CEO, succeeding Barwick, who would stay on as executive chairman of the company. Barwick has been a part of IMG for 23 years and says the acquisition is a celebration of a long-lasting partnership.
"As our underwriting partner since 1997, Sirius has worked with IMG on almost all of our international and domestic products. Sirius understands and values the work we do each day, and our passion to 'be there' for our constituents," said Barwick. "This transaction was a natural next step for IMG, and we look forward to continuing to work with Sirius long into the future."
As part of the deal, IMG has spun off its subsidiary, IMG-Stop LossSM, which has been acquired by its management team.