Arch-owned McNeil & Company acquires LOSAP administrator Penflex
McNeil & Company, a provider of specialized risk management and insurance programmes, which is owned by Bermuda-based Arch Capital Group, has revealed a new acquisition in the US.
McNeil has acquired Penflex, a firm specializing in actuarial and administrative services of Length of Service Award Programmes (LOSAP) for emergency service organisations.
As part of the agreement, Penflex will become Penflex Actuarial Services. The company will remain a stand-alone affiliate of McNeil & Company in its place of business in Latham, New York.
McNeil & Company was acquired by Arch Capital in November 2018.
Daniel McNeil, founder and CEO of McNeil & Company, said: “We have tremendous respect for Penflex’s dedication to providing customized plans that fit the needs of individual fire and EMS departments. This acquisition represents an important investment in deepening McNeil’s dedication to the fire service.
“We look forward to building on Penflex’s success and we’re committed to Penflex’s products, which we will be able to offer on a larger scale. Both companies will continue to deliver high-value service and offer exceptional products based on genuine industry expertise.”
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