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November 01, 2018 09:00 AM Eastern Daylight Time
PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ:ACGL) today announced it has entered into a definitive agreement to acquire McNeil & Co. (“McNeil”), a nationwide leader in specialized risk management and insurance programs headquartered in Cortland, New York. Terms of the transaction were not disclosed.
“But the greatest beneficiary will be McNeil’s existing customers, who will be ensured continuity of service and the capital resources of Arch.”
“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 CEO 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.”
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 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.
Sherman & Company LLC served as financial advisor to Arch on the transaction.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.21 billion in capital at September 30, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
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.
Arch Capital Group Ltd.
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