Arch Capital Group Ltd., a Bermuda-based provider of insurance, reinsurance and mortgage insurance, has entered into a definitive agreement to acquire McNeil & Co., a nationwide provider of specialized risk management and insurance programs headquartered in Cortland, N.Y. Terms of the transaction were not disclosed.
The transaction is expected to close later this quarter and is subject to closing conditions, including regulatory approvals, clearances and relevant jurisdictions.
McNeil will retain its identity and remain headquartered in Cortland, N.Y., as a standalone affiliate of Arch Insurance Group after the acquisition.
Building on a 17-year partnership, this acquisition will provide mutual benefit to both parties, according to a McNeil press release. With more than $11 billion in capital, Arch will provide McNeil with new opportunities to achieve scale and grow its business through additional products and resources, delivered through McNeil’s existing platform and distribution system.
Sherman & Company LLC served as financial advisor to Arch on the transaction.
Source: Arch Capital Group Ltd, McNeil & Co.
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