ARCH CLOSES WESTPAC ACQUISITION

Bermudian insurer and reinsurer Arch Capital Group has completed its previously disclosed acquisition of Westpac Lenders Mortgage Insurance (WLMI), a captive lenders mortgage insurance (LMI) provider. Arch said it will now merge WLMI with its existing Australian LMI company, Arch LMI Pty Ltd. As part of the acquisition, the newly combined entity will become Westpac’s exclusive provider of LMI on new mortgage originations for a period of 10 years. “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,” said David Gansberg, chief executive, Global Mortgage for Arch Capital Group. In addition to Australia, Arch has mortgage insurance and reinsurance operations in Bermuda, Europe and the US.