Arch U.S. MI Holdings, a wholly owned subsidiary of Arch Capital Group Ltd, said on Monday that it had entered into a definitive agreement to acquire RMIC Companies Inc and its subsidiaries.
Once the deal is finalized, RMIC’s $1 billion risk in force portfolio will be integrated into Arch MI Holdings’ existing US primary mortgage portfolio.
Jefferies LLC served as Arch MI Holdings’ financial advisor, while Eversheds Sutherland was its legal counsel.
“Our ability to leverage the scale of our platform to gain significant expense and capital synergies makes this an attractive financial transaction for Arch,” David Gansberg, Chief Executive Officer of Arch’s Global Mortgage Group, said in a press release.
“Our teams are experienced and proficient at acquiring and integrating mortgage insurance companies, which we expect will help us quickly maximize the value of this acquisition,” the CEO added.
The deal is expected to close in the first half of 2024.
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