Bermuda-based re/insurance firm Arch Capital Group Ltd. has completed its previously announced acquisition of New York insurer McNeil & Co.
Arch announced last month that it planned to purchase the company, which offers specialised risk management and insurance programs, for an undisclosed sum.
Following the acquisition, McNeil & Co. will operate as an independent, wholly owned subsidiary of Arch Insurance.
It will also continue to operate out of its headquarters in Cortland, New York.
“We are excited to complete this transaction, which will allow us to deploy Arch’s substantial resources to help McNeil expand their presence in the program space,” said Nicolas Papadopoulo, Chairman and Chief Executive Officer (CEO) of Arch Worldwide Insurance Group.
“We know that McNeil’s reputation and talented workforce will be a real asset to our operations and will enable us to continue to expand what is possible for our clients in the United States,” he added.