Arch Capital Group Ltd. has now announced that on July 1st, 2017, it completed its acquisition of American International Group, Inc.’s (AIG) subsidiary, AIG United Guaranty Insurance (Asia) Limited.
Arch has said that it plans to immediately change the company name to Arch MI Asia Limited (Arch MI Asia), and that Tak Ming Chung, will continue to serve as Chief Executive Officer (CEO) and Country Manager for Arch MI Asia.
The takeover sees Arch expand its presence and capabilities in the global, private mortgage insurance sector, where it has operations in the U.S., Australia, and Europe. Further cementing its position in the global mortgage insurance industry, Arch acquired United Guaranty Corporation (UGC) at the end of 2016.
Andrew Rippert, CEO, Global Mortgage Group for Arch, said; “This acquisition allows us to leverage Arch’s global resources and innovative solutions in yet another market. 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.”
Arch explains that Arch MI Asia will look to expand origination opportunities for lenders across Hong Kong, and throughout Asia.
