Bermuda-based specialty insurance firm Arch Capital has completed the acquisition of McNeil & Co, a US-based specialized risk assessment and insurance provider.
Arch Capital announced the acquisition of McNeil last month. Financial details about the deal were not disclosed.
McNeil will retain its identity and will be headquartered in Cortland, New York, as a standalone affiliate of Arch Insurance Group.
The deal is based on 17 years of partnership between the two companies and is expected to provide mutual benefit to both the parties.
McNeil stated that Arch Capital will support it with its $11bn capital, to achieve scale and grow its businesses through additional products, resources, delivered through McNeil’s existing platform and unique distribution system.
When the acquisition was announced, McNeil & Company founder and president Daniel F. 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.”
New York-based insurance services provider, McNeil, was established in 1989, with focus on offering consultative approach to managing risk for its clients.
Its operations are supported by more than 1,300 retail agents across the US and generated $153.7m in premium for Arch Insurance last year. After the acquisition, the company will operate independently and will continue to support Arch’s program division.
Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo said: “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.
“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.”