Arch Capital Group Ltd. closes acquisition of Westpac Lenders Mortgage Insurance Limited

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PEMBROCK, Bermuda, August 31, 2021– (BUSINESS WIRING) – Arch Capital Group Ltd. [NASDAQ: ACGL] today announced the completion of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited (WLMI), an APRA Authorized Mortgage Insurance Provider (LMI) for captive lenders for the Westpac Group (Westpac). Upon completion of the transaction, Arch will continue to merge WLMI operations with its existing Australian LMI company, Arch LMI Pty Ltd.

As part of the acquisition, WLMI will maintain its existing risk and the new combined company under Arch’s management will become the exclusive provider of new mortgages to LMI Westpac within 10 years.

WLMI has been a provider of LMI to the Australian market since 2011 and this acquisition strengthens Arch MI’s position as the only globally diversified mortgage risk insurer. In addition to Australia, Arch provides mortgage and reinsurance services in Bermuda, Europe and the United States.

“I want to thank the Westpac and Arch teams for helping complete this deal,” said David Gansberg, CEO of Global Mortgage for Arch Capital Group Ltd. “We look forward to continuing our partnership with Westpac and using this acquisition to further build Arch. LMI is a market leader providing innovative solutions and excellent service to customers across Australia. “

About Arch Capital Group Ltd.

Arch Capital Group Ltd., a publicly listed Bermuda exempt company with a capital of approximately $ 16.7 billion as of June 30, 2021, provides insurance, reinsurance and mortgage insurance worldwide through its wholly owned subsidiaries.

Warning About Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe haven” for forward-looking statements. This release or any other written or oral statements made by Arch Capital Group Ltd. and its subsidiaries, or on its behalf, may include forward-looking statements that reflect our current views on future events and financial results. All statements, other than statements of historical fact, incorporated or incorporated into this release by reference, are forward-looking statements.

Forward-looking statements can usually be identified using forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue,” or their negative or variable or similar. terminology. Forward-looking statements include our current assessment of risks and uncertainties. Actual events and results could differ materially from those expressed or implied in these statements. A non-exclusive list of important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: unfavorable general economic and market conditions; increased competition; trends in pricing and policy terms; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment efficiency; loss of key personnel; the adequacy of the Company’s loss reserves, the severity and / or frequency of losses, higher than expected loss ratios and unfavorable development of claims and / or expense liabilities for claims; high frequency or severity of unpredictable natural and man-made disasters, including pandemics such as COVID-19; the consequences of terrorist acts and hostilities; changes in rules and / or tax laws in the United States or other countries; the Company’s ability to successfully integrate, establish and maintain operating procedures, and integrate businesses that the Company has acquired or may acquire into existing operations; changes in accounting principles or policies; significant differences between actual and expected estimates of guarantee funds and mandatory pooling arrangements; availability and cost of reinsurance for the Company to manage the gross and net risks of the Company; non-fulfillment by third parties of their obligations to the Company; changes in the method for determining the London Interbank Offer Rate (“LIBOR”) and the potential replacement of LIBOR and other factors specified in the Company’s filings with the US Securities and Exchange Commission (“SEC”).

The above summary of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included here or elsewhere. All subsequent written and oral forward-looking statements attributed to us or to persons acting on our behalf are fully qualified by these cautionary statements. The Company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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See the original version at businesswire.com: https://www.businesswire.com/news/home/20210830005611/en/

Contacts

Greg Hare, Senior Vice President, Branding and Employee Communications
Arch Capital Services LLC
336 333 0414 / ghare@archgroup.com

Damian Smith, CEO and Regional Manager
Arch LMI
+1 0411604082 / dsmith@archlmi.com

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