Arch buys US risk management firm McNeil
Bermuda-based Arch Capital Group is to acquire McNeil, a New York-based provider of specialized risk management and insurance programmes.
McNeil produced $153.7 million of premium for Arch Insurance in 2017. Following the acquisition, McNeil will operate independently, supporting Arch Insurance’s programme 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 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. 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: “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.”
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