Arch U.S. MI Holdings Inc. (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., has completed it’s acquisition of RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation.
If you recall, the transaction was first announced in November 2023, which you can read about here.
The deal officially closed on June 3, 2024.
In addition, now that the transaction has been closed, RMIC’s risk in force (RIF) portfolio will be integrated into Arch MI’s existing U.S. primary mortgage portfolio.
From what we understand, Jefferies LLC served as Arch’s financial advisor and Eversheds Sutherland served as Arch’s legal advisor.
David Gansberg, Chief Executive Officer of Arch’s Global Mortgage Group, commented: “We are pleased that this deal has closed according to originally agreed terms, with regulatory approval, and look forward to integrating RMIC into Arch MI’s existing U.S. primary mortgage portfolio.”
