Arch will be changing the name of the company to Arch MI Asia Limited (Arch MI Asia). The company acquired AIG United Guaranty Insurance in order to bolster its goal to add to the global footprint of Arch’s existing private mortgage insurance businesses. Arch currently has operations in the U.S., Europe, and Australia.
With this acquisition, Arch established its position as a leader in the global mortgage insurance industry. Arch MI Asia will expand origination opportunities for lenders in Hong Kong and greater 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 along with reliability.
“This acquisition allows us to leverage Arch’s global resources and innovative solutions in yet another market,” said Andrew Rippert, CEO of 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 CEO and Country Manager for Arch MI Asia.