Arch Announces Closing Of Acquisition
Bermuda-based Arch Capital Group Ltd. [ACGL] announced that on July 1, 2017, it completed its previously announced acquisition of AIG United Guaranty Insurance [Asia] Limited from American International Group, Inc. [AIG].
Arch plans to immediately change the name of the company to operate as Arch MI Asia Limited [Arch MI Asia]. This acquisition adds to the global footprint of Arch’s existing private mortgage insurance businesses, which have operations in the United States, Europe and Australia.
With the acquisition of United Guaranty Corporation [UGC] by Arch at the end of 2016, Arch established its position as a leader in the global mortgage insurance industry. Arch MI Asia will focus on expanding origination opportunities for lenders in Hong Kong and throughout Asia. Arch’s operational, managerial and risk management experience, together with the local expertise of Arch MI Asia’s management team, will ensure operational consistency for existing customers and reliability as a counterparty to potential customers.
“This acquisition allows us to leverage Arch’s global resources and innovative solutions in yet another market,” said Andrew Rippert, Chief Executive Officer, Global Mortgage Group for Arch. “Our dedicated professionals understand the unique requirements and challenges of the Hong Kong mortgage market and are committed to providing customers with the best possible service.”
Mr. Rippert is responsible for Arch’s global mortgage insurance and reinsurance operations. Tak Ming Chung will continue as Chief Executive Officer and Country Manager for Arch MI Asia.
