CMG MORTGAGE INSURANCE ACQUIRED
updated 02/06/14 09:08 AM
Foundation Laid for National Offering
Arch Capital Group Ltd. has completed the acquisition of CMG Mortgage Insurance Company from CUNA Mutual Group and PMI Mortgage Insurance Co, which has laid the foundation for Arch Mortgage Insurance Company (Arch MI) to offer mortgage insurance throughout the country.
“This relationship with Arch MI allows CUNA Mutual Group to better focus on its strengths, while maintaining our commitment to delivering superior product solutions to the credit unions and members we serve,” said Robert Trunzo, CUNA Mutual Group president and chief executive officer. “Our marketplace knowledge and distribution abilities combined with Arch’s strength as a global insurer and strong credit ratings will allow us to continue delivering superior service and a reliable private mortgage insurance product to credit unions."
In addition, CUNA Mutual Group will exclusively manage the distribution of Arch MI products to credit unions. CMG Mortgage Insurance will remain CUNA Mutual Group employees and the transaction will not impact credit union system interfaces and key support personnel—making it a seamless transition for credit union members.
This transaction also does not impact credit unions with existing CMG Mortgage Insurance policies.