Arch Capital Group Ltd. Closes Acquisition of Westpac Lenders Mortgage Insurance Limited
August 30 2021 - 8:40PM
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 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.”
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted
company with approximately $16.7 billion in capital at June 30,
2021, provides insurance, reinsurance and mortgage insurance 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 the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s 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,
including pandemics such as COVID-19; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; the Company’s ability to
successfully integrate, establish and maintain operating procedures
as well as integrate the businesses the Company has 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 the Company of reinsurance
to manage the Company’s gross and net exposures; the failure of
others to meet their obligations to the Company; changes in the
method for determining the London Inter-bank Offered Rate (“LIBOR”)
and the potential replacement of LIBOR and other factors identified
in the Company’s filings with the U.S. Securities and Exchange
Commission (“SEC”).
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. The
Company undertakes no obligation to publicly update or revise any
forward−looking statement, whether as a result of new information,
future events or otherwise.
arch-corporate
arch-mortgage
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210830005611/en/
Greg Hare, SVP Branding & Employee Communications Services
Arch Capital Services LLC 336 333 0414 / ghare@archgroup.com
Damian Smith, CEO & Country Manager Arch LMI +1 0411604082 /
dsmith@archlmi.com
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Sep 2023 to Sep 2024