Arch Capital Closes Acquisition Of Westpac
Arch Capital Group Ltd. announced the completion of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited [WLMI].
A spokesperson said, “Arch Capital Group Ltd. 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 the United States.”
“I want to thank both the Westpac and Arch teams for helping complete this transaction,” said David Gansberg, CEO, Global Mortgage for Arch Capital Group Ltd. “We look forward to continuing our partnership with Westpac and leveraging this acquisition to further establish Arch LMI as a market leader that provides innovative solutions and excellent service to clients across Australia.”
