Arch subsidiary acquires actuarial firm serving US fire service
McNeil and Company, the insurance and risk assessment company owned by Arch Capital Group, has acquired Penflex, which specialises in the actuarial and administrative services of length of service award programs (LOSAP) for emergency service organisations.
The deal sees Penflex renamed Penflex Actuarial Services. It remains a standalone affiliate of McNeil and Company, but with additional resources and a broader set of expertise to draw from.
The acquisition broadens McNeil’s emergency service insurance program (ESIP), expanding its understanding of that industry to better serve those clients, McNeil and Co said in a statement.
Daniel McNeil, founder and CEO of McNeil and Company, said: “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.”
NcNeil added: “This acquisition represents an important investment in deepening McNeil’s dedication to the fire service.”
Edward Holohan, Penflex founder, owner and president, said: “Penflex’s mission has always been to design customised, properly maintained and independently monitored LOSAP plans in order to provide fire and EMS departments with valuable tools to recruit, retain and recognise their members.”
