Arch Capital Group has today announced an agreement to acquire McNeil & Company, a specialised risk management and insurance firm headquartered in Cortland, New York.
Post-acquisition, McNeil will operate independently, supporting Arch Insurance’s program division.
“McNeil is a great fit for Arch and solidifies a program relationship that dates back to Arch’s earliest days,” said Nicolas Papadopoulo, Chairman and Chief Executive Officer of Arch Worldwide Insurance Group.
“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.”
Mr. Papadopoulo continued, “But the greatest beneficiary will be McNeil’s existing customers, who will be ensured continuity of service and the capital resources of Arch.”
Dan McNeil, President of McNeil, said the acquisition was a unique opportunity, “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.
Concurrently, Arch have announced the acquisition of a series of Ardonagh Group-owned Commercial MGA businesses for a consideration of up to £31 million.
