Malachy was born in Streator, Illinois, and earned his B.A. degree in Political Science from Northwestern University. He began his career as a claims adjuster and salesman for national insurance companies. He established Malachy Whalen & Company, Inc. in 1965 with the objective of specializing in insurance for individual physicians and professional corporations. Malachy is a member of the National Association of Life Underwriters, with over 35 consecutive years of membership in the Million Dollar Round Table. He is also a member of the Top of the Round Table. Malachy specializes in plans for special needs, including "less than perfect" health risks as well as in long term care and life insurance for mature physicians and their families. Malachy has been the ACMS Endorsed Agent for life insurance since 1968.