Arch Capital Group has announced that it has completed its acquisition of
AIG United Guaranty Insurance (Asia) Limited, a subsidiary of global insurer
AIG, effective July 01.
With the completion of the transaction, Arch plans to rebrand its acquisition as Arch MI Asia Limited, but will retain the services of Tak Ming Chung as chief executive officer and country manager.
The deal is part of Arch’s objective to expand its global reach and capabilities in the private mortgage insurance sector, which is currently active in the US, Australia, and Europe. Arch made a similar acquisition in late 2016 by taking over United Guaranty Corporation (UGC).
Andrew Rippert, CEO of Arch’s Global Mortgage Group, commented: “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.”
Related stories:
AIG given negative outlook
Arch Insurance expands business unit
Arch reinsurance unit gets an A+
.jpg)
