Insurance firm Arch Capital has closed the acquisition of Westpac Lenders Mortgage Insurance (WLMI) for an undisclosed fee.
According to Reinsurance News, Arch intends to proceed following the finalised deal by combining the operations of WLMI with its existing Australian Lenders Mortgage Insurance company Arch LMI Pay.
This purchase will see WLMI maintain its existing risk in force with the newly combined entity of Arch LMI Pay becoming Westpac’s – the parent company of WLMI – exclusive provider of LMI on new mortgage originations for ten years.
Arch Capital CEO David Gansberg said, “I want to thank both the Westpac and Arch teams for helping complete this transaction.
“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.”
Copyright © 2021 FinTech Global
