Westpac completes sale of lenders mortgage insurance arm

The business was sold to Bermuda-based Arch Capital Group Ltd.

Arch Capital Group Ltd. has completed its acquisition of Westpac Lenders Mortgage Insurance Limited (WLMI), an Australian Prudential Regulation Authority authorized captive lenders mortgage insurance (LMI) provider to the Westpac Group.

As part of the acquisition, WLMI will retain its existing risk in force and the newly combined entity under Arch will become Westpac’s exclusive provider of LMI on new mortgage originations for a period of 10 years.

“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,” said David Gansberg, CEO, Global Mortgage for Arch Capital Group Ltd.

Arch Capital Group Ltd. is a publicly listed Bermuda exempted company that provides insurance, reinsurance, and mortgage insurance on a worldwide basis through its wholly-owned subsidiaries.