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Jan. 30, 2014 /PRNewswire/ -- Arch U.S. MI Holdings, Inc. (Arch), the U.S.-based subsidiary of
Arch Capital Group Ltd. (Nasdaq: ACGL) today completed the acquisition of CMG Mortgage Insurance Company (CMG MI) from CUNA Mutual Group and PMI Mortgage Insurance Co. (PMI). The acquisition of CMG MI and the operating platform will form the foundation for Arch Mortgage Insurance Company (Arch MI) to offer mortgage insurance throughout
the United States.
This transaction was first announced in
February 2013, and earlier this month Arch received approval from Fannie Mae and Freddie Mac for the acquisition of CMG MI as well as the expansion of its charter to conduct non-credit union mortgage insurance business. With the completion of the transaction, Arch MI enters the market as a government-sponsored enterprise (GSE)-approved mortgage insurer with the infrastructure to begin operations immediately. This includes nationwide mortgage insurance licenses and a tested, reliable, and secure mortgage insurance operating platform.