"In order to ensure uninterrupted access to a best-in-class origination and servicing platform, talented underwriting and back-office support, we wanted to find a buyer who had the capability and expertise to continue investing in this unique business," said Sean Dilweg, CUNA Mutual Group vice president and product executive for CMG MI. "We are confident Arch U.S. MI more than fulfills all of these requirements."
"Similar to our successful partnerships with Liberty Mutual and State National Companies, CUNA Mutual Group will use its marketplace knowledge and distribution strengths, combined with Arch's financial strength and commitment to mortgage insurance, to bring a stronger product solution to its credit union customers. We look forward to a strong partnership with Arch."
Arch Capital Group Ltd. (ACGL) is a financially strong international insurer and reinsurer. ACGL's principal operating insurance and reinsurance subsidiaries have been issued the following financial strength ratings: "A+" (Superior) by A.M. Best, "A+" (Strong) by Standard & Poor's, "A1" (Good) by Moody's, and "A+" by Fitch Ratings.
For Arch Capital Group Ltd., the agreement allows the company to enter the rapidly improving U.S. mortgage insurance marketplace and broaden its existing mortgage insurance and reinsurance capabilities."We are very gratified that this exceptionally strong management team and staff will be joining Arch. Together with our senior executives, they will form an industry leading team with broad capabilities to meet our clients' needs over the long term," said Marc Grandisson, Chairman and CEO of Arch Worldwide Reinsurance Group. "We are also extremely pleased to partner with CUNA Mutual Group on an ongoing basis. Their access to the credit union marketplace and brand reputation should allow us to secure a strong flow of credit union business." ABOUT CMG MI CMG Mortgage Insurance Company (CMG MI) is the nation's leading provider of mortgage insurance products and services to America's Credit Unions. Licensed in all 50 states, CMG MI operates as a Corporate joint venture between CMFG Life Insurance Company and PMI Mortgage Insurance Co. The company provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. Based in San Francisco, CA, CMG MI serves more than 800 credit unions nationwide and is the only mortgage insurer that designs its services, including products, training, claims and loss mitigation activities, expressly to meet credit unions' unique needs. For more information, visit www.cmgmi.com. About CUNA Mutual Group CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group's vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information is available on the company's website at www.cunamutual.com. To learn more, follow @CUNAMutualGroup on Twitter, circle +CUNA Mutual Group on Google+, or visit http://www.cunamutual.com CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wisconsin. © 2012 CUNA Mutual Group, All Rights Reserved