Arch Capital Group Closes Acquisition Of UGC

January 3, 2017 | 0 Comments

Bermuda-based Arch Capital Group has completed its previously announced acquisition of United Guaranty Corporation [UGC] from American International Group, Inc. [AIG] at year-end 2016.

“The acquisition of UGC expands the scale of Arch’s existing mortgage insurance businesses by combining UGC’s position as the market leader in the U.S. private mortgage insurance industry with Arch’s financial strength and history of innovation, further diversifying our business profile and customer base,” the company said.

“The expansion of our mortgage insurance business complements our strengths in the specialty insurance and reinsurance businesses, which continue to be central to our global operations. Diversity across segments and product lines remains fundamental to our corporate strategy and allows us to deploy our capital to those areas offering the best opportunities at any given time.”

Constantine [Dinos] Iordanou, Chairman and CEO of ACGL, commented, “We are extremely pleased to complete this transaction, which will enable our company to continue to provide a strong and diversified source of private capital to the U.S. mortgage insurance and housing finance markets.

“We believe the impressive operational, managerial and risk management expertise of Arch, together with the talented professionals joining us from UGC, will enable us to provide our clients with the best products and services available anywhere in the industry.”

Marc Grandisson, President and COO of ACGL, added, “We are gratified that Arch U.S. MI will be led by experienced professionals in Andrew Rippert and David Gansberg and welcome our new colleagues from UGC.

“Over the past several months, teams at Arch and UGC have been working together to ensure a successful integration of our combined operations and a seamless transition for our clients. Our combined mortgage group looks forward to further strengthening its leadership position in the development of innovative products and services to meet the ever evolving needs of our clients and the housing finance system.”

Mr. Rippert, Chief Executive Officer, Global Mortgage Group, is responsible for ACGL’s global mortgage insurance and reinsurance operations.

Mr. Gansberg, President and CEO of Arch U.S. MI Holdings, reports to Mr. Rippert and is responsible for ACGL’s U.S. primary mortgage insurance operations, which will be headquartered in Greensboro, North Carolina, with significant operations in California.

click here banner business mergers

Share via email

Read More About

Category: All, Business

Leave a Reply

Clear
Thursday
Clear
High 86° / Low 80°
Partly Cloudy
Friday
Partly Cloudy
High 86° / Low 78°
Thunderstorm
Saturday
Thunderstorm
High 85° / Low 79°

Sign Up For Our Free Email Newsletters

email-banners-good-news-370

Latest Podcasts

Podcast: World Champion Triathlete Flora Duffy

Podcast: World Champion Triathlete Flora Duffy

In the latest Bernews podcast, one of Bermuda’s greatest athletes of all time, Flora Duffy, says being a world champion is something she has dreamed of since she was eight-years-old. Ms Duffy was back in Bermuda taking a short break after a grueling year which has seen her achieve outstanding success. “When I started racing, I […]

Share via email
November 14, 2016 | 0 Comments
Podcast: Dr Fleming On Issues Affecting Seniors

Podcast: Dr Fleming On Issues Affecting Seniors

In the latest Bernews Podcast, we talk to Dr Claudette Fleming, the Executive Director of Age Concern, about issues affecting senior citizens in Bermuda. Dr Fleming talks about research she has done in Bermuda as well as the effects of the recession on Age Concern’s members. She also addresses the issue of income disparity and […]

Share via email
October 17, 2016 | 2 Comments
Podcast: Martha Dismont On Child Neglect/Abuse

Podcast: Martha Dismont On Child Neglect/Abuse

In the latest Bernews podcast, we sit down with Martha Dismont, the Executive Director of the Family Centre, which has recently launched a campaign called ‘Neglect Is Abuse, See It, Stop It’ to try and stem a significant rise in cases of child neglect. Ms Dismont links the rise in neglect cases directly “to the […]

Share via email
September 23, 2016 | 2 Comments
Podcast: Baron On Crime, Road Safety & More

Podcast: Baron On Crime, Road Safety & More

In this latest Bernews podcast, we speak to the Minister of National Security Jeff Baron who revealed than gang membership has dropped by more than 150 people. Yet, he says, gangs are still changing and recruiting – sometimes even from schools. The Minister talks about his plans for restorative justice – which focuses on both the needs […]

Share via email
August 30, 2016 | 8 Comments
Podcast: Governor On Airport, Commission, More

Podcast: Governor On Airport, Commission, More

In this latest Bernews podcast, we interview George Fergusson who will soon be stepping down as Governor. He touches on a wide range of issues such as turning down a request to hold a Commission of Inquiry into the Tucker’s Point land matter, the airport redevelopment, the effect on Bermuda of Brexit, the British Government’s […]

Share via email
July 25, 2016 | 9 Comments