McNeil & Co., a 29-year-old Cortland-based employer focusing on specialized risk assessment and insurance, announced late this morning that it had been acquired by Arch Capital Group, a global insurer.
Arch Capital Group Ltd., which trades under (NASDAQ: ACGL)(Arch), will close on the deal later this quarter. McNeil & Co. will retain its identity and remain in Cortland as a standalone affiliate of Arch Insurance Group.
“Building on a successful 17-year partnership, this acquisition will provide mutual benefit to both parties,” states a news release from McNeil & Co.
McNeil will continue to operate as it has for the past 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 & Co.
“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.”
Arch, with more than $11 billion in capital will provide McNeil with opportunities to grow through additional products and resources.
“We have tremendous respect for the high quality and experience of McNeil’s work force 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 has invested $7.2 miillion in expanding its facilities in downtown Cortland since 2017, and has contributed to non-profit and cultural organizations, too. It recently donated $7 million to LeMoyne College in Syracuse to launch an undergraduate major in risk manaagment and insurance.
Arch said it remains committed to continuing and expanding McNeil’s support of the community.