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Stock impact report

Arch Capital Group Ltd. Closes Acquisition of Westpac Lenders Mortgage Insurance Limited

Arch Capital Group Ltd. (ACGL) 
Last arch capital group ltd. earnings: 2/11 04:31 pm Check Earnings Report
Company Research Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. [NASDAQ: ACGL] today announced the completion of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited (WLMI), an Australian Prudential Regulation Authority (APRA) authorized captive lenders mortgage insurance (LMI) provider to the Westpac Group (Westpac). With the transaction complete, Arch will proceed with combining the operations of WLMI with its existing Australian LMI company, Arch LMI Pty Ltd.As part of the acquisition, WLMI will retain its existing risk in force and the newly combined entity under Arch will become Westpac’s exclusive provider of LMI on new mortgage originations for a period of 10 years.WLMI has been a provider of LMI in the Australian market since 2011 and this acquisition augments Arch MI’s position as the only globally diversified insurer of mortgage credit risk. In addition to Australia, Arch has mortgage insurance and reinsurance operations in Bermuda, Europe and t Show less Read more
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