Arch Capital Group has signed an agreement to acquire New York-based McNeil & Co., a provider of specialized risk management and insurance programs headquartered in Cortland, New York.
Terms of the transaction were not disclosed.
Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo said: “McNeil is a great fit for Arch and solidifies a program relationship that dates back to Arch’s earliest days.
“It’s a true win-win for both parties as Arch benefits from McNeil’s reputation in the program space, underwriting expertise and experience while McNeil receives the financial strength and depth that comes from a company like Arch.
“But the greatest beneficiary will be McNeil’s existing customers, who will be ensured continuity of service and the capital resources of Arch.”
McNeil was founded in 1989 with a focus on delivering a consultative approach to managing risk for its clients. Its operations include over 1,300 retail agents in the U.S. and it produced $153.7 million of premium for Arch Insurance in 2017. Post-acquisition, McNeil will operate independently, supporting Arch Insurance’s program division.
Dan McNeil, President of McNeil, said the acquisition was a unique opportunity.
McNeil said: “When Arch approached us about joining the company we knew that we had to listen. The companies have a long history of working together and a shared set of values. By coming together, we’re able to provide better service to our clients and greater opportunities to our employees. I’m excited about what the future holds.”
The transaction is expected to close later this quarter and is subject to closing conditions, including regulatory approvals, clearances and relevant jurisdictions.
Source: Company Press Release