Arch Capital Group, the Bermudian headquartered insurance and reinsurance firm, has today announced its completed acquisition of United Guaranty Corporation (UGC) from American International Group (AIG).
The acquisition of UGC will further expansion of Arch’s existing mortgage insurance businesses by combining UGC’s position as the market leader in the U.S. private mortgage insurance industry with Arch’s financial strength.
Constantine (Dinos) Iordanou, Chairman and CEO of ACGL, said; “We are extremely pleased to complete this transaction, which will enable our company to continue to provide a strong and diversified source of private capital to the U.S. mortgage insurance and housing finance markets.”
Teams at Arch and UGC have been working together to ensure a smooth transition and successful integration of the companies’ combined operations over the past months.
Marc Grandisson, President and COO of ACGL, said; “Our combined mortgage group looks forward to further strengthening its leadership position in the development of innovative products and services to meet the ever evolving needs of our clients and the housing finance system.
“We are gratified that Arch U.S. MI will be led by experienced professionals in Andrew Rippert and David Gansberg and welcome our new colleagues from UGC.”
In a move that complements its strength in the specialty insurance and reinsurance businesses, Arch’s expansion into mortgage insurance will offer increased diversity across segments and product lines fundamental to its corporate strategy.