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…
