Arch completes AIG's UGC Asia business takeover

Bermuda-based Arch Capital Group has completed the acquisition of AIG United Guaranty Insurance (Asia) from American International Group. The company will now operate as Arch MI Asia.

Arch MI Asia will focus on expanding origination opportunities for lenders in Hong Kong and throughout Asia, the company said. Tak Ming Chung will continue as chief executive officer and country manager for Arch MI Asia.

The company stated that the acquisition adds to its footprint of private mortgage insurance businesses, which have operations in the United States, Europe and Australia.

"This acquisition allows us to leverage Arch’s global resources and innovative solutions in yet another market," said Andrew Rippert, chief executive officer, 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."

Arch announced the acquisition of United Guaranty Corporation (UGC) from AIG at the end of 2016.

Join us at  Intelligent InsurTECH Europe 2017 - Use code "Save20" to save 20% on selected tickets until July 15th

Today’s stories

Stephen Catlin and regulator warn insurers over cyber risk exposure

Munich Re appoints former Allianz chair to supervisory board

Swiss Re names new market underwriting head succeeding Fuchs

Swinton Group partners with UK MGA Lorega

Elite Insurance goes into runoff

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.