HAMILTON, Bermuda--(BUSINESS WIRE)--
Arch Capital Group Ltd. [Nasdaq: ACGL] today announced that on July 1,
2017, it completed its previously announced acquisition of AIG United
Guaranty Insurance (Asia) Limited from American International Group,
Inc. (AIG).
Arch plans to immediately change the name of the company to operate as
Arch MI Asia Limited (Arch MI Asia). This acquisition adds to the global
footprint of Arch’s existing private mortgage insurance businesses,
which have operations in the United States, Europe and Australia.
With the acquisition of United Guaranty Corporation (UGC) by Arch at the
end of 2016, Arch established its position as a leader in the global
mortgage insurance industry. Arch MI Asia will focus on expanding
origination opportunities for lenders in Hong Kong and throughout Asia.
Arch’s operational, managerial and risk management experience, together
with the local expertise of Arch MI Asia’s management team, will ensure
operational consistency for existing customers and reliability as a
counterparty to potential customers.
“This acquisition allows us to leverage Arch’s global resources and
innovative solutions in yet another market,” said Andrew Rippert, Chief
Executive Officer, Global Mortgage Group for Arch. “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.”
Mr. Rippert is responsible for Arch’s global mortgage insurance and
reinsurance operations. Tak Ming Chung will continue as Chief Executive
Officer and Country Manager for Arch MI Asia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately
$10.84 billion in capital at March 31, 2017, provides insurance and
reinsurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This release or any other
written or oral statements made by or on behalf of Arch Capital Group
Ltd. and its subsidiaries may include forward-looking statements, which
reflect our current views with respect to future events and financial
performance. All statements other than statements of historical fact
included in or incorporated by reference in this release are
forward-looking statements.
Forward-looking statements can generally be identified by the use of
forward-looking terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe" or "continue" or their negative or
variations or similar terminology. Forward-looking statements involve
our current assessment of risks and uncertainties. Actual events and
results may differ materially from those expressed or implied in these
statements. A non-exclusive list of the important factors that could
cause actual results to differ materially from those in such
forward-looking statements includes the following: adversegeneral
economic and market conditions;increased competition;pricing
and policy term trends;fluctuations in the actions of rating
agencies and ourability to maintain and improve our ratings;
investment performance;the loss of key personnel;the
adequacy of our loss reserves,severity and/or frequency of
losses, greater than expected loss ratios and adverse development on
claim and/or claim expense liabilities;greater frequency or
severity of unpredictable natural and man-made catastrophic events; the
impact of acts of terrorism and acts of war; changes in regulations
and/or tax laws in the United States or elsewhere;our ability to
successfully integrate, establish and maintain operating procedures as
well as integrate the businesses we have acquired or may acquire into
the existing operations;changes in accounting principles or
policies;material differences between actual and expected
assessments for guaranty funds and mandatory pooling arrangements;availability
and cost to us of reinsurance to manage our gross and net exposures;the
failure of others to meet their obligations to us; andother
factors identified in our filings with the U.S. Securities and Exchange
Commission.
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with other cautionary
statements that are included herein or elsewhere. All subsequent written
and oral forward-looking statements attributable to us or persons acting
on our behalf are expressly qualified in their entirety by these
cautionary statements. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170705005447/en/
Arch Capital Group Ltd.
Mark D. Lyons, 441-278-9250
Source: Arch Capital Group Ltd.