McNeil & Company Acquires Penflex, Inc.
CORTLAND, N.Y.--(BUSINESS WIRE)--Feb 10, 2020--
McNeil & Company (McNeil), a leader in specialized risk assessment and insurance, announced today that it has acquired Penflex, Inc. (Penflex), a firm specializing in the actuarial and administrative services of Length of Service Award Programs (LOSAP) for emergency service organizations.
As part of the agreement, Penflex, Inc. will become Penflex Actuarial Services, LLC. The company will remain a stand-alone affiliate of McNeil & Company in its place of business in Latham, NY.
Penflex’s commitment to its community and the fire service provides confidence in a good cultural match between the two firms. Penflex will continue to operate, now with additional resources and a broader set of expertise to draw from. The acquisition will broaden McNeil’s Emergency Service Insurance Program (ESIP) footprint, and further reinforce and expand its industry knowledge to serve the greater needs of the fire service.
“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,” said Daniel F. McNeil, Founder and CEO of McNeil & Company. “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.”
“Penflex’s mission has always been to design customized, properly maintained and independently monitored LOSAP plans in order to provide fire and EMS departments with valuable tools to recruit, retain and recognize their members,” said Penflex Founder, Owner and President, Edward Holohan. “The acquisition by McNeil & Company won’t change this but will give Penflex the opportunity to further its mission. McNeil’s excellent reputation in the industry will greatly enhance our ability to distribute top-quality specialized products and programs.”
About McNeil & Company
McNeil & Co. is a nationwide leader in specialized insurance programs, drawing on deep industry expertise to develop and deliver policies and risk management services that meet the unique needs of clients. McNeil & Co. offers the best possible specialized coverage, along with a full array of risk management services, to help customers maximize preparedness and grow their businesses. Established in 1989 to answer a need for more comprehensive, tailored policies in the emergency services market, McNeil & Co. has developed and expanded a model for specialty insurance programs based on genuine industry knowledge and a consultative approach to loss control and risk management. Acclaimed products include AdvenSure, AnimalKeepers, ASIP, Car Wash, ESIP (and Benefits), FireWatch, HOMed (O&P Plus), WildPRO and the Bar, Tavern, Club program. McNeil & Company is owned by Arch Capital Group Ltd., a Bermuda-based company with approximately $12.89 billion in capital at September 30, 2019, that provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. For more information, visit: mcneilandcompany.com.
About Penflex, Inc.
Penflex is a company specializing in the actuarial and administrative services of Length of Service Award Programs (LOSAP), pension-like programs to assist communities predominantly in the New York region in recruiting, retaining and rewarding volunteer firefighters and ambulance workers. For more information, visit: penflexinc.com.
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CONTACT: Derek Davis
Chief Marketing Officer, McNeil & Company
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: CONSULTING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: McNeil & Company
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PUB: 02/10/2020 08:00 AM/DISC: 02/10/2020 08:01 AM