Arch Capital Group Ltd. Announces Closing of Acquisition of AIG United Guaranty Insurance (Asia) Limited
July 05 2017 - 8:00AM
Business Wire
Arch Capital Group Ltd. [Nasdaq: ACGL] today 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.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $10.84 billion in capital at March 31, 2017, provides
insurance and reinsurance on a worldwide basis through its wholly
owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and our
ability to maintain and improve our ratings; investment
performance; the loss of key personnel; the adequacy of our loss
reserves, severity and/or frequency of losses, greater than
expected loss ratios and adverse development on claim and/or claim
expense liabilities; greater frequency or severity of unpredictable
natural and man-made catastrophic events; the impact of acts
of terrorism and acts of war; changes in regulations and/or tax
laws in the United States or elsewhere; our ability to successfully
integrate, establish and maintain operating procedures as well as
integrate the businesses we have acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to us of reinsurance to manage our gross and net exposures;
the failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170705005447/en/
Arch Capital Group Ltd.Mark D. Lyons, 441-278-9250
Arch Capital (NASDAQ:ACGL)
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