PEMBROKE, Bermuda–(BUSINESS WIRE)–Arch Capital Group Ltd. [NASDAQ: ACGL] in the present day introduced the completion of the beforehand disclosed acquisition of Westpac Lenders Mortgage Insurance coverage Restricted (WLMI), an Australian Prudential Regulation Authority (APRA) licensed captive lenders mortgage insurance coverage (LMI) supplier to the Westpac Group (Westpac). With the transaction full, Arch will proceed with combining the operations of WLMI with its present Australian LMI firm, Arch LMI Pty Ltd.
As a part of the acquisition, WLMI will retain its present danger in drive and the newly mixed entity underneath Arch will grow to be Westpac’s unique supplier of LMI on new mortgage originations for a interval of 10 years.
WLMI has been a supplier of LMI within the Australian market since 2011 and this acquisition augments Arch MI’s place as the one globally diversified insurer of mortgage credit score danger. Along with Australia, Arch has mortgage insurance coverage and reinsurance operations in Bermuda, Europe and america.
“I wish to thank each the Westpac and Arch groups for serving to full this transaction,” stated David Gansberg, CEO, World Mortgage for Arch Capital Group Ltd. “We sit up for persevering with our partnership with Westpac and leveraging this acquisition to additional set up Arch LMI as a market chief that gives revolutionary options and glorious service to shoppers throughout Australia.”
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted firm with roughly $16.7 billion in capital at June 30, 2021, supplies insurance coverage, reinsurance and mortgage insurance coverage on a worldwide foundation by way of its wholly owned subsidiaries.
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