CORTLAND, N.Y.--(BUSINESS WIRE)--McNeil & Company (“McNeil”), a leader in specialized risk assessment and insurance, announced today that it has entered into an agreement under which Arch Capital Group Ltd. (NASDAQ: ACGL)(“Arch”), a leading global insurer, will acquire McNeil & Company. The transaction is expected to close later this quarter.
McNeil & Co. will retain its identity and remain headquartered in Cortland, NY as a standalone affiliate of Arch Insurance Group (U.S.).
Building on a successful 17-year partnership, this acquisition will provide mutual benefit to both parties. With over $11 billion in capital, Arch will provide McNeil with new opportunities to achieve scale and grow its business through additional products and resources, delivered through McNeil's existing platform and unique distribution system. McNeil will continue to operate as it has for the last 28 years, but with greater capital strength and a broader range of expertise to draw from.
“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,” said Daniel F. McNeil, Founder and President of McNeil & Company. “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.”
“We have tremendous respect for the high quality and experience of McNeil's workforce and the customer-oriented nature of the company's culture,” said Nicolas Papadopoulo, Chairman and CEO of Arch Worldwide Insurance Group. “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 specialized products and programs.”
The longstanding relationship between McNeil and Arch provides confidence in a good cultural match between the firms. McNeil has been a pillar of the Cortland community and a generous contributor to local organizations for many years, and Arch is committed to continuing and expanding McNeil’s support of the Cortland community. In fact, as part of this continued support, McNeil has recently made a $7 million donation to Le Moyne College, a private Jesuit college in Syracuse, NY, which will be used to launch a new undergraduate major in risk management and insurance. The donation will allow the school to establish endowed professorships to support the major and will provide new opportunities for new graduates to work in the industry.
About McNeil & Company
McNeil & Co. is a nationwide leader in specialized insurance programs, drawing on deep industry expertise to develop and deliver policies and risk management services that meet the unique needs of clients. McNeil & Co. offers the best possible specialized coverage, along with a full array of risk management services, to help customers maximize preparedness and grow their businesses. Established in 1989 to answer a need for more comprehensive, tailored policies in the emergency services market, McNeil & Co. has developed and expanded a model for specialty insurance programs based on genuine industry knowledge and a consultative approach to loss control and risk management. Acclaimed products include AdvenSure, AnimalKeepers, ASIP, Car Wash, ESIP (and Benefits), FireWatch, HOMed (O&P Plus), WildPRO and the Bar, Tavern, Club program. For more information, visit: mcneilandcompany.com.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.02 billion in capital at June 30, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.