Arch Capital has closed its previously announced acquisition of Westpac Lenders Mortgage Insurance Limited (WLMI), an authorised captive lenders mortgage insurance (LMI) provider to the financial services group Westpac.
With this deal finalised Arch intends to proceed by combining the operations of WLMI with its existing Australian LMI company, Arch LMI Pty Ltd.
The deal sees WLMI 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.
“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.”