Bermuda-based re/insurer Arch Capital Group has signed an agreement to buy McNeil & Company, a provider of specialty risk management services and insurance programmes to small businesses in the US.
Financial terms of the transaction were not disclosed.
Go deeper with GlobalData
McNeil & Co will continue to operate under its existing brand and remain headquartered in Cortland, New York, Arch Capital said in its press statement.
It will operate as a standalone affiliate of Arch Insurance Group (US).
Arch will provide McNeil with new opportunities to expand and grow its business through additional products and resources, which will be offered via McNeil’s existing platform and distribution system.
McNeil & Company founder and president Daniel McNeil said: “We’ve established ourselves as thought leaders in specialized risk management and insurance with a suite of policies that are never off the shelf, with service that’s always a step ahead and with training and risk management programs designed to prevent loss before it occurs.
“Becoming part of Arch won’t change any of that but will give us an unparalleled opportunity to build on that leadership and take it even further with additional resources.
“We will continue to offer exceptional products based on genuine industry knowledge and a consultative approach to mitigating risk.”
Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo said: “We’re excited to build on McNeil’s success, grow its business and develop deeper relationships with its customers. McNeil’s excellent reputation in the industry will greatly enhance Arch’s ability to distribute top-quality specialised products and programmes.”
Recently, Arch Insurance Europe, a wholly-owned subsidiary of Arch Capital, agreed to acquire the UK commercial lines business of The Ardonagh Group for £31m.
