Following its previously disclosed acquisition, Arch Capital has announced that it will combine newly purchased Westpac Lenders Mortgage Insurance Limited (WLMI) with its existing Australian company, Arch LMI Pty Ltd.
WLMI is an APRA-authorized captive LMI provider that has been in operation since 2011.
As part of the acquisition, WLMI will retain its existing risk in force and will become Westpac’s exclusive LMI provider on new mortgage originations for the next decade.
This move is expected to augment Arch LMI’s position as the only globally diversified insurer of mortgage credit risk.
“I want to thank both the Westpac and Arch teams for helping complete this transaction,” said David Gansberg, chief executive officer at Arch Capital. “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.”
