Arch US MI Holdings has 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 build the foundation for Arch Mortgage Insurance Company (Arch MI) to provide mortgage insurance across the US.
The agreement, which was originally signed in February 2013, completed following approval from Fannie Mae and Freddie Mac.
Under the terms of the agreement, CUNA Mutual Group has signed a distribution agreement with Arch MI to solely manage the distribution of mortgage insurance to credit unions.
Post-transaction, the CMG MI sales team will remain CUNA Mutual Group employees serving their credit union customers.
CUNA Mutual Group president and CEO Robert Trunzo said, "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."
"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."