McNeil & Company acquires LOSAP administrator PenflexTagged with: Daniel F. McNeil | Edward Holohan | Insurance acquisition news | Insurance industry news | McNeil & Company | New York | Penflex | Penflex Actuarial Services | Pension
McNeil & Company, a provider of specialized risk assessment and insurance solutions, has acquired Penflex, a company which serves emergency service organizations with the actuarial and administrative services of Length of Service Award Programs (LOSAP).
Financial terms of the deal were not disclosed by the parties.
LOSAP are pension-like programs designed to help communities mainly in the New York region in recruiting, retaining, and rewarding volunteer firefighters and also ambulance workers.
As part of the deal, Penflex will be renamed Penflex Actuarial Services and will operate as a stand-alone affiliate of McNeil & Company in its current headquarters at Latham, New York.
According to McNeil & Company, the commitment of Penflex towards its community and the fire service offers confidence in a good cultural match between the two companies.
Edward Holohan – Penflex Founder, Owner and President said: “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.
“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.”
Penflex will now have more resources and a larger set of expertise to draw from. The acquisition will expand the Emergency Service Insurance Program (ESIP) presence of McNeil & Company, and further strengthen and widen its industry knowledge to serve the greater requirements of the fire service.
Daniel F. 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.”